Accounting 1 1.01 -1.03 Question Preview (ID: 16097)


Accounting 1 - Objective Intro Jv, Ledger Transaction Ethics 1.01-1.03. TEACHERS: click here for quick copy question ID numbers.

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

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

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

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

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

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

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.

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

What is an example of an account that has a normal credit balance?
a) cash
b) office equip
c) supplies
d) capital

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

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