Navigation » List of Schools » Glendale Community College » Accounting » Accounting 101 – Financial Accounting » Spring 2021 » Chapter 2 Quiz
Below are the questions for the exam with the choices of answers:
Question #1
A Common Stock.
B Service Revenue.
C Cash.
D Salaries Payable.
Question #2
A Debit to Salaries Expense.
B Debit to Dividends.
C Credit to Common Stock.
D Credit to Dividends.
Question #3
A Purchase supplies for cash.
B Pay dividends to current stockholders.
C Provide services to customers on account.
D Collect cash from customer for services provided on account last month.
Question #4
A Pay dividends to stockholders.
B Purchase supplies on account.
C Receive a utility bill but do not pay it.
D Receive cash from customers for sales in the current period.
Question #5
A Financial statement.
B Journal.
C Annual report.
D Chart of accounts.
Question #6
A Service Revenue.
B Cash.
C Dividends.
D Accounts Receivable.
Question #7
A The general ledger.
B The trial balance.
C The chart of accounts.
D The general journal.
Question #8
A Increase stockholders’ equity.
B Increase assets.
C Decrease stockholders’ equity.
D Decrease liabilities.
Question #9
A Increase total stockholders’ equity.
B Increase total liabilities.
C Increase total assets.
D Increase total assets and total stockholders’ equity.
Question #10
A Dividends.
B Supplies.
C Salaries Expense.
D Accounts Payable.
Question #11
A Dividends.
B Cash.
C Accounts Receivable.
D Service Revenue.
Question #12
A Debit to Supplies Payable.
B Debit to Cash.
C Credit to Supplies Expense.
D Debit to Supplies.
Question #13
A Expiration of an insurance policy over time.
B Paying employees’ salaries.
C Providing services to customers.
D Purchasing office supplies.
Question #14
A Decrease liabilities; increase expenses
B Decrease assets; decrease liabilities.
C Decrease assets; increase stockholders’ equity.
D Increase assets; decrease liabilities.
Question #15
A Decrease liabilities.
B Decrease stockholders’ equity.
C Increase assets.
D Decrease assets.
Question #16
A The chart of accounts.
B The trial balance.
C The general ledger.
D The general journal.
Question #17
A Posting.
B Journalizing.
C Balancing.
D Analyzing.
Question #18
A Purchase office supplies on account.
B Pay for rent in the current period.
C Pay dividends to stockholders.
D Purchase equipment with cash.
Question #19
A Journal.
B Financial statement.
C Chart of accounts.
D Annual report.
Question #20
A Financial statement.
B Journal.
C Transaction.
D Chart of accounts.
Question #21
A Salaries Expense.
B Dividends.
C Supplies.
D Accounts Payable.
Question #22
A Credit to Dividends.
B Credit to Common Stock.
C Debit to Salaries Expense.
D Debit to Dividends.
Question #23
A Total assets increase.
B Total assets decrease.
C No effect.
D Total liabilities increase.
Question #24
A General ledger.
B Trial balance.
C Journal.
D Chart of accounts.
Question #25
A Paying maintenance expenses for the current month.
B Providing services to customers on account.
C Repay amounts previously borrowed from the bank.
D Paying dividends to stockholders.
Question #26
A Pay for rent in the current period.
B Purchase office supplies on account.
C Purchase equipment with cash.
D Pay dividends to stockholders.
Question #27
A Collect cash from customer for services provided on account last month.
B Provide services to customers on account.
C Pay dividends to current stockholders.
D Purchase supplies for cash.
Question #28
A Financial statements.
B Chart of accounts.
C Trial balance.
D General ledger.
Question #29
A Total debit amounts should always equal total credit amounts.
B The trial balance shows the change in all account balances over the accounting period.
C Only balance sheet accounts are shown.
D Only income statement accounts are shown.
Question #30
A Analyze the impact of the transaction on the accounting equation.
B Post the transaction to the T-account in the general ledger.
C Prepare a trial balance.
D Use source documents to determine accounts affected by the transaction.
Question #31
A Decrease assets.
B Decrease stockholders’ equity.
C Decrease liabilities.
D Increase assets.
Question #32
A Providing services to customers.
B Expiration of an insurance policy over time.
C Paying employees’ salaries.
D Purchasing office supplies.
Question #33
A Repaying amount borrowed from the bank.
B Paying advertising expense for the current month.
C Providing services to customers on account.
D Providing services to customers for cash.
Question #34
A Increase total stockholders’ equity.
B Increase total liabilities.
C Increase total assets.
D Increase total assets and total stockholders’ equity.
Question #35
A Pay dividends to stockholders.
B Receive a utility bill but do not pay it.
C Receive cash from customers for sales in the current period.
D Purchase supplies on account.
Question #36
A Supplies.
B Common Stock.
C Accounts Payable.
D Service Revenue.
Question #37
A Purchase office supplies on account.
B
C Pay salaries for the current period.
D Purchase supplies on account.
E Repay amounts previously borrowed from the bank.
Question #38
A Common Stock.
B Supplies.
C Accounts Payable.
D Service Revenue.
E
Question #39
A Total debit amounts should always equal total credit amounts.
B The trial balance shows the change in all account balances over the accounting period.
C Only balance sheet accounts are shown.
D Only income statement accounts are shown.
Question #40
A Prepare a trial balance.
B Post the transaction to the T-account in the general ledger.
C Use source documents to determine accounts affected by the transaction.
D Analyze the impact of the transaction on the accounting equation.
Question #41
A Providing services to customers on account.
B Paying maintenance expenses for the current month.
C Paying dividends to stockholders.
D Repay amounts previously borrowed from the bank.
Question #42
A Decrease assets; increase stockholders’ equity.
B Decrease liabilities; increase expenses.
C Increase assets; decrease liabilities.
D Decrease assets; decrease liabilities.
Question #43
A Paying advertising expense for the current month.
B Providing services to customers on account.
C Repaying amount borrowed from the bank.
D Providing services to customers for cash.
Question #44
A Credit to Service Revenue.
B Credit to Cash.
C Debit to Service Expense.
D Debit to Accounts Receivable.
Question #45
A Purchase office supplies on account.
B Pay salaries for the current period.
C Purchase supplies on account.
D Repay amounts previously borrowed from the bank.
Question #46
A General ledger.
B Chart of accounts.
C Financial statements.
D Trial balance.
Question #47
A Chart of accounts.
B Financial statement.
C Transaction.
D Journal.
Question #48
A Analyzing.
B Balancing.
C Posting.
D Journalizing.
Question #49
A Journalizing.
B Charting.
C Processing.
D Posting.
Question #50
A Trial balance.
B Chart of accounts.
C Journal.
D General ledger.
Question #51
A Service Revenue.
B Cash.
C Common Stock.
D Salaries Payable.
Question #52
A Journalizing.
B Charting.
C Posting.
D Processing.
Question #53
A Debit to Service Expense.
B Credit to Cash.
C Debit to Accounts Receivable.
D Credit to Service Revenue.
Question #54
A Chart.
B Entry.
C Account.
D Schedule.
Question #55
A Increase assets.
B Increase stockholders’ equity.
C Decrease stockholders’ equity.
D Decrease liabilities.
Question #56
A Total assets decrease.
B Total liabilities increase.
C No effect.
D Total assets increase.
