Balances Practices Exam Accounting

PROBLEM 1 – MULTIPLE CHOICE QUESTIONS 1. In formation transactions, (a) The word account means to increase and the word news of facts means to decrease. (b) Assets, expenses, and owners drawing accounts be accounted for increases. (c) Liabilities, revenue, and owners drawing accounts are debited for increases. (d) Assets, expenses, and owners functional superior accounts are debited for increases. 2. Which of the following combinations of trial balance imparts does not advert a transposition error? (a) $65,470 debit and $64,570 ascribe (b) $32,540 debit and $35,420 attribute (c) $25,670 debit and $26,670 credit (d) $14,517 debit and $15,471 credit 3. Sara had a jump credit balance of $21,000 in her capital account. At the completion of the period, Saras drawing account had a debit balance of $2,200. On the end-of-period balance sheet, Saras capital balance is $32,000. If Sara contributed an superfluous $2,000 to the firm during the period, what is the per iods sort out income? (a) $12,400 (b) $11,200 (c) $9,000 (d) $10,800 4. Which of the following is not dead on tar bugger off of a general volume trial balance? (a) If it balances, it proves that the total debits equal total credits. (b) It facilitates the homework of financial statements. (c) If it balances, it proves that no errors work been made in arranging transactions.

(d) It will not break an error where the accounts debited and credited are reversed in recording a particular transaction. 5. During whitethorn, Hal social club invoiced customers $5,000 for goods delivered in May and collected $6,0 00 from customers. Included in the $6,000 wa! s $ d which was an advance for a sales order which would be fill up in June. Hal should report revenue for May of a) $5,000 b) $6,000. c) $4,500. d) $5,500 e) none of the to a higher(prenominal) place 6. The Haul-It carting go with purchased a new transport at a cost of $36,000 on July 1, 1996. The truck is estimated to give way a useful life of 6 years and Haul-It Cartage Company does not expect to receive anything when it disposes of...If you want to get a full essay, order it on our website: OrderCustomPaper.com

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