Basic accounting online quiz 20 ques

1The Accounts Receivable
account has total debit postings of $1,900 and credit postings of $1100. The
balance of the account is __________.
A. $800 debit
B. $800 credit
C. $2,600 credit
D. $2,600 debit

2 The owner invested
personal equipment in the business. To record this transaction __________.
A. debit Equipment
and credit Accounts Payable
B. debit Accounts
Payable and credit Equipment
C. debit Equipment and credit Capital
D. credit Equipment
and debit Capital

3The beginning balance in
the Computers account was $2,000. The company purchased an additional $1000
worth of computers. The balance in the account is __________.
A. debit of $2,000
B. credit of $3,000
C. debit of $3,000
D. credit of $2,000

4 Accounts Payable had a
normal starting balance of $800. There were debit postings of $600 and credit
postings of $300 during the month. The ending balance is __________.
A. $500 credit
B. $1,000 debit
C. $500 debit
D. $1,000 credit

5 Office Supplies
had a normal starting balance of $75. There were debit postings of $80 and
credit postings of $60 during the month. The ending balance is __________.
A. $55 debit
B. $55 credit
C. $95 debit
D. $95 credit

6 The owner of
BobCats R Us paid his personal MasterCard bill using a company check. The
correct entry to record the transaction is __________.
A. credit Cash; debit Capital
B. credit Cash;
debit Supplies Expense
C. credit Cash;
debit Withdrawals
D. credit Cash;
debit Accounts Receivable

7 A liability would
be credited and an expense debited if __________.
A. the business
paid a creditor
B. the business
incurred an expense and did not pay the expense immediately
C. the business bought supplies on account
D. the business
bought supplies

8 The beginning
balance in Cash was $3,500. Additional cash of $2,000 was received. Checks were
written totaling $2,500. The cash balance is __________.
A. $2,000
B. $6,000
C. $4,500
D. $3,000

9 Which of the
statements of the rules of debit and credit is true?
A. Decrease
accounts receivable with a credit and the normal balance is a credit.
B. Increase accounts payable with a credit and the normal
balance is a credit.
C. Increase capital
with a debit and the normal balance is a debit.
D. Decrease cash with
a debit and the normal balance is a debit.

10 When an owner
records a credit for $650 earned but not yet received, the amount of the debit
should be __________.
A. $325
B. $0
C. $975
D. $650

11 When recording
transactions in two or more accounts and the totals of the debits and credits
are equal, it is called __________.
A. debiting
B. crediting
C. posting
D. double-entry bookkeeping

12 A category that
is not in the chart of accounts is __________.
A. assets
B. liabilities
C. cash flows
D. revenue

13 The
business incurred an expense and paid it immediately. To record this __________.

A. an expense is
debited and a liability is credited
B. an expense is debited and an
asset is credited
C. an expense is
debited and Capital is credited
D. None of the above
answers are correct.

14 The accounts
payable account is __________.
A. a revenue, and
it has a normal debit balance
B. an expense, and
it has a normal credit balance
C. a liability, and
it has a normal debit balance
D. a liability, and it has a normal credit balance

15 The right side
of any account is the __________.
A. debit side
B. credit side
C. ending balance
D. footings

16 An account that
would be increased by a credit is __________.
A. cash
B. accounts
receivable
C. utilities expense
D. accounts payable

17 Which of the
following types of accounts has a normal credit balance?
A. withdrawals
B. assets
C. expenses
D. revenues

18 The left side of any account is the
__________.
A. debit side
B. credit side
C. ending balance
D. footings

19 Which of the
following entries records the investment of cash by John, owner of a sole
proprietorship?
A. debit John,
Capital; credit Cash
B. debit Cash;
credit John, Withdrawals
C. debit John,
Withdrawals; credit Cash
D. debit Cash; credit John, Capital

20 What would be
the effect on accounts if the owner withdrew cash?
A. An asset would
be debited and an expense credited.
B. Withdrawals
would be debited and an asset credited.
C. An asset would
be debited and a revenue credited.
D. An asset would be debited and
Capital credited.