This document contains fill-in-the-blank, true/false, and multiple choice questions about accounting concepts such as debits, credits, assets, liabilities, and the accounting equation. It tests the fundamental rules of accounting including how transactions affect accounts and how to analyze, record, summarize and report business transactions. Sample problems apply accounting concepts to financial statements and transactions.
This document contains fill-in-the-blank, true/false, and multiple choice questions about accounting concepts such as debits, credits, assets, liabilities, and the accounting equation. It tests the fundamental rules of accounting including how transactions affect accounts and how to analyze, record, summarize and report business transactions. Sample problems apply accounting concepts to financial statements and transactions.
This document contains fill-in-the-blank, true/false, and multiple choice questions about accounting concepts such as debits, credits, assets, liabilities, and the accounting equation. It tests the fundamental rules of accounting including how transactions affect accounts and how to analyze, record, summarize and report business transactions. Sample problems apply accounting concepts to financial statements and transactions.
1. Assets 2. Decrease 3. Debit 4. Exchange of asset 5. Debit or Credit 6. Equal to; 2 ledger accounts 7. Sales transaction 8. Cash 9. Monetary Unit 10. Liability 11. Accounts Receivable 12. Withdrawals 13. Debit 14. Debit 15. Debit 16. Journalizing 17. Liability 18. Capital 19. Statement of Financial Position Fill in the Blanks (Rules of Debit and Credit) 1. Debit Balance; Debit; Credit 2. Credit Balance; Credit; Debit 3. Credit Balance; Credit; Debit 4. Credit Balance; Credit; Debit 5. Debit Balance; Debit; Credit Fill in the Blanks. a. Analyzing, Recording, Summarizing, and Reporting b. Credit c. Credit d. Debit e. Assets are company’s owned, and liability is company’s owed f. Business Transactions g. Increases by credit and decreases by debit. h. An account payable i. Cash; accounts payable j. Increases owner’s equity k. owner’s equity l. Debit; Credit m. Debit n. Credit True or False 1. True 2. True 3. False 4. False 5. True 6. True 7. True 8. False 9. True 10. True 11. True 12. False 13. True 14. True 15. True Multiple Choice 1. C 2. A – Withdrawal 3. C 4. A 5. A 6. B 7. D 8. C 9. A 10. C 11. C 12. A Problem 1 a. No b. Yes c. Yes – Investment d. Yes – Withdrawal e. Yes – Withdrawal Problem 2A a. 480,000 b. 1,860,000 c. 440,000 d. 2,720,000 e. 1,400,000 Problem 2B a. Profit - 88,000 b. Income – 205,000 c. Income – 125,500 d. Expense – 569,000 e. Income - 342,000 Problem 3A a. OE – 400,000 b. L – 268,000 c. A – 868,000 d. OE – 250,360 e. A – 700,000 Problem 3B a. L – 150,000 b. A – 940,000 c. OE – 319,300 d. A – 383,500 e. OE – 387,000 Problem 3C a.