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