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