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