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Mid Ter Review Prt. 2
Test Description: FUN FUN FUN FUN
Instructions: Answer all questions to get your test result.
1) The system of recording debit and credit parts of a transaction is know as
A
Double entry accoutnig
B
the accounting equation
C
the accounting cycle
D
post-closing trial balance
2) In the transation, PAID CASH ON ACCOUNT TO JONES SUPPLY FOR $1000, you should
A
Debit cash and debit jones supply
B
Debit jones supply and credit cash
C
debit cash and credit jones supply
D
Debit supplies and credit cash
3) In the transaction, RECEIVED CASH FROM THE OWNER AS AN INVESTMENT, the source document is a/an
A
Memorandum
B
invoice
C
check number
D
Receipt
4) On a balance sheet, the words \\\\
A
first
B
third
C
second
D
fourth
5) Jack jones, capital should be entered on what section of a balance sheet?
A
assets
B
owners equity
C
liabilities
D
liabilities and owners equity
6) In the transaction, RECIEVED A CHECK FOR $2500 FOR LEGAL FEES, you should:
A
Debit cash and credit Legal Expenses
B
Debit miscellaneous expense and credit legal fees
C
Debit Legal fees and credit cash
D
Debit cash and credit Legal fees
7) In the transaction, PAID CASH FOR AN OFFICE DESK,$250, you should:
A
debit cash and debit office equipment
B
debit computer supplies and credit cash
C
debit office equipment and credit cash
D
debit cash and credit office equipment
8) On a balance sheet, the name of a business is written on which line of the heading?
A
fourth
B
first
C
third
D
second
9) The accounting equation is BEST stated as:
A
Assets+liabilities+owner's equity
B
Assets+owner's equity=liabilities
C
Liabilities+assets+owner's equity
D
Assets+cash+owner's eqiuity
10) Cash should be entered on what section of a balance sheet?
A
Assets
B
Liabilities
C
Owner's equity
D
Liabilities and owner's equity
*select an answer for all questions
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