Accounting 1 1.01 -1.03 Question Preview (ID: 16097)
Accounting 1 - Objective Intro Jv, Ledger Transaction Ethics 1.01-1.03.
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PAID CASH FOR ADVERTISING,
a) dr cash cr adv exp
b) dr cash dr adv exp
c) dr adv exp cr cash
d) cr adv exp cr cash
What is an example of an account that has a normal credit balance?
a) cash
b) office equip
c) supplies
d) capital
What is the effect on owner's equity when the owner invests $1500 in the business?
a) increase by 1500
b) increase by 3000
c) Decreased by $1,500
d) Decreased by $3,000
What is an example of an account that has a normal debit balance?
a) Sales
b) Accounts Payable/Jones Supply
c) capital
d) Rent Expense
Accounts Receivable/Oakdale School and Accounts Receivable/Sam Jones are both classified as:
a) asset
b) expenses.
c) liabilities
d) revenue.
PAID CASH FOR SUPPLIES, the source document is a/an
a) check stub.
b) invoice.
c) memorandum.
d) receipt.
RECORDED CASH FROM SALES USING CALCULATOR TAPE
a) Debit Cash and credit Sales
b) . Debit John Hampton, Capital and credit Cash
c) Debit John Hampton, Drawing and credit Cash
d) Debit Sales and credit Cash
RECEIVED CASH FROM AMY KLINE, OWNER, AS AN INVESTMENT
a) Debit Amy Kline, Capital and credit Cash
b) Debit Amy Kline, Capital and credit Investment Expense
c) . Debit Cash and credit Amy Kline, Capital
d) Debit Investment Expense and credit Amy Kline, Capital
PAID CASH TO JAMIE ATKINS, OWNER, FOR PERSONAL USE
a) Debit Cash and credit Jamie Atkins, Capital
b) Debit Cash and credit Jamie Atkins, Drawing
c) Debit Jamie Atkins, Capital and credit Cash
d) Debit Jamie Atkins, Drawing and credit Cash
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) Competence
b) Confidentiality
c) Independence
d) Objectivity
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) Self-directional
d) Thinking and problem-solving
Aneshia prepared an electronic spreadsheet, a flyer and developed a web page. Which workplace skill did she exhibit?
a) Information
b) Interpersonal
c) Systems
d) Technology
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