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Final Review 4
Test Description: Review here
Instructions: Answer all questions to get your test result.
1) The payment of a liability is recorded by a debit to the liability account and a credit to the owner's capital account.
A
True
B
False
2) If Paul Abdou deposits $30,000 in a checking account in the name of his business, the two accounts affected are ____.
A
Cash in Bank and Accounts Receivable
B
Cash in Bank and Accounts Payable
C
Cash in Bank and Paul Abdou, Capital
D
Cash in Bank and Computer Equipment
3) Which of the following accounts is not closed at the end of the accounting period?
A
Klaus Braun, Capital
B
Fees
C
Income Summary
D
Maintenance Expense
4) Transferring the expense account balances to the Income Summary account is the ____.
A
The Income Summary account is used throughout the accounting period.
B
The Income Summary account is a permanent account.
C
The Income Summary account is located in the owner's equity section of the general ledger.
D
The Income Summary account has a normal debit balance.
5) A business groups its accounts in a ledger
A
True
B
False
6) A business transaction can affect two accounts on the same side of the accounting equation and still leave the equation in balance.
A
True
B
False
7) To record transactions in chronological order means to record them according to the date on which they occurred.
A
False
B
True
8) A chart of accounts is limited to 50 accounts.
A
True
B
False
9) The difference between the debit and credit amounts in an account is the account balance.
A
True
B
False
10) Liability, expense, and capital accounts all have normal credit balances.
A
True
B
False
11) Expenses decrease owner’s equity and are recorded as debits.
A
True
B
False
12) The rules of debit and credit for expense accounts are the same as the rules for asset accounts.
A
False
B
True
13) The withdrawal of cash by the owner of a business decreases owner's equity.
A
False
B
True
14) Temporary capital accounts are extensions of the owner's capital account.
A
False
B
True
15) Permanent accounts start each accounting period with a zero balance.
A
True
B
False
16) Revenues increase owner's equity, and increases in revenues are recorded as debits.
A
False
B
True
17) The total of all accounts with normal debit balances should equal the total of all accounts with normal credit balances if the rules of debit and credit were followed correctly.
A
True
B
False
18) Income from Fees is a permanent account.
A
False
B
True
19) A fiscal period may be one month, three months, six months, or even one year, but usually it is one year.
A
False
B
True
20) An accounting period that begins on July 1 and ends on June 30 is a calendar-year accounting period.
A
False
B
True
*select an answer for all questions
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