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