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Accounting 1 Balances Classification Dr Cr
Test Description: Accounting 1 balances classification dr cr
Instructions: Answer all questions to get your test result.
1) RECEIVED CASH ON ACCOUNT FROM SMITH FARMS
A
Debit Cash and debit Accounts Receivable/ Smith Farms
B
Debit Cash and credit Accounts Receivable/ Smith Farms
C
Debit Accounts Receivable/ Smith Farms and credit Jane Smith, Capital
D
Debit Accounts Receivable/Smith Farms and credit Cash
2) cash supplies accounts receivable is classified as
A
owners equity
B
expenses
C
liabilities
D
assets
3) accounts payable, owings, loans, accruals is classified as
A
assets
B
owners equity
C
liabilities
D
expenses
4) advertising, repairs, utilities is classified as
A
liabilities
B
expenses
C
owners equity
D
assets
5) mortgage, creditors or AP is classified as
A
liabilities
B
expenses
C
owners equity
D
assets
6) what is the name of the account that summarizes OE owners equity
A
cash
B
AP accounts payable
C
capital
D
long term loan
7) what is the name of the account that summarize revenue
A
AP accounts payable
B
insurance
C
cash
D
sales
8) what is the name of the account that summarize money owner receives for Personal Use
A
sales
B
cash
C
drawings
D
AP accounts payable
9) what is the account that is credited when you bought supplies on account
A
sales
B
cash
C
supplies
D
AP accounts payable
10) when you Buy or Bought on account this is related to
A
none of the above
B
Accounts Payable - AP
C
Cash
D
Accounts Receivables - AR
11) sales or sold service on account is related to
A
none of the above
B
cash
C
Accounts Receivables - AR
D
Accounts Payable - AP
12) sold services on account which account to you debit
A
Accounts Receivables - AR
B
cash
C
Accounts Payable - AP
D
prepaid insurance
13) if cash supplies prepaid insurance are asset what balance do they carry
A
debit
B
negative
C
zero
D
credit
14) loans mortgages AP are liabilities what balance do these carry
A
debit
B
negative
C
zero
D
credit
15) what balance does owners equity OE carry
A
credit
B
zero
C
debit
D
negative
16) advertising repairs telephone electricity are all expenses these carry
A
zero
B
negative
C
credit
D
debit
17) revenue or sales carries what balance because this is the only one that increase OE
A
debit
B
credit
C
zero
D
negative
18) Drawings reduces OE and because of this drawings carries what balance?
A
zero
B
negative
C
credit
D
debit
19) Every time you make cash sale or sale on account what account do you credit
A
none
B
sales
C
AR
D
cash
20) Every time you pay cash what account is credited
A
cash account
B
AR account receivable
C
AP account payable
D
creditors or debtors
*select an answer for all questions
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