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