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Accounting 1 1.01 -1.03
Test Description: Accounting 1 - objective intro jv, ledger transaction ethics 1.01-1.03
Instructions: Answer all questions to get your test result.
1) PAID CASH FOR ADVERTISING,
A
dr adv exp cr cash
B
cr adv exp cr cash
C
dr cash dr adv exp
D
dr cash cr adv exp
2) What is an example of an account that has a normal credit balance?
A
cash
B
capital
C
supplies
D
office equip
3) What is the effect on owner's equity when the owner invests $1500 in the business?
A
Decreased by $1,500
B
increase by 3000
C
Decreased by $3,000
D
increase by 1500
4) What is an example of an account that has a normal debit balance?
A
Accounts Payable/Jones Supply
B
Sales
C
Rent Expense
D
capital
5) Accounts Receivable/Oakdale School and Accounts Receivable/Sam Jones are both classified as:
A
asset
B
expenses.
C
liabilities
D
revenue.
6) PAID CASH FOR SUPPLIES, the source document is a/an
A
invoice.
B
check stub.
C
receipt.
D
memorandum.
7) RECORDED CASH FROM SALES USING CALCULATOR TAPE
A
Debit John Hampton, Drawing and credit Cash
B
. Debit John Hampton, Capital and credit Cash
C
Debit Sales and credit Cash
D
Debit Cash and credit Sales
8) RECEIVED CASH FROM AMY KLINE, OWNER, AS AN INVESTMENT
A
Debit Amy Kline, Capital and credit Investment Expense
B
. Debit Cash and credit Amy Kline, Capital
C
Debit Investment Expense and credit Amy Kline, Capital
D
Debit Amy Kline, Capital and credit Cash
9) PAID CASH TO JAMIE ATKINS, OWNER, FOR PERSONAL USE
A
Debit Cash and credit Jamie Atkins, Capital
B
Debit Jamie Atkins, Drawing and credit Cash
C
Debit Jamie Atkins, Capital and credit Cash
D
Debit Cash and credit Jamie Atkins, Drawing
10) Maria is careful NOT to discuss her accounting clients' information with other people. This is an example of which key principle for ethics in accounting?
A
Confidentiality
B
Objectivity
C
Competence
D
Independence
11) Mentrell quickly recognized that there was a problem in the accounts payable department and provided a practical solution to his manager. He exhibited which 21st century skill?
A
Information and communication
B
Interpersonal
C
Thinking and problem-solving
D
Self-directional
12) Aneshia prepared an electronic spreadsheet, a flyer and developed a web page. Which workplace skill did she exhibit?
A
Information
B
Systems
C
Technology
D
Interpersonal
*select an answer for all questions
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