Question 1

When an owner invests assets in a business, the capital account is debited.

Accepted Answer

A) True 
 B)False

Question 2

When preparing the trial balance, the total debits MUST equal the total credits.

Accepted Answer

A) True 
 B)False

Question 3

Which of the following accounts is not a permanent account?

Accepted Answer

A)  Cash
B)  Thomas Bernard, Capital
C)  Salaries Expense
D)  Accounts PayableE) B) and C)
F) All of the above

Question 4

A special type of owner's equity account set up to record withdrawals of assets by the owner for personal use is called a(n)____________ account.

Accepted Answer

The answer of A special type of owner's equity account...

Question 5

Which of the following accounts is NOT a nominal account?

Accepted Answer

A)  Salaries Expense
B)  Office Supplies
C)  Moriah Paige, Drawing
D)  Rent RevenueE) A) and D)
F) A) and C)

Question 6

The "Net Income" or "Net Loss" is transferred from the income statement to the

Accepted Answer

A)  chart of accounts.
B)  trial balance.
C)  balance sheet.
D)  statement of owner's equity.E) B) and C)
F) A) and D)

Question 7

The error that occurs when the number $5.00 is written as $50.00 is called a(n)________ error.

Accepted Answer

The answer of The error that occurs when the number...

Question 8

When developing a chart of accounts, the highest block of numbers is assigned to asset accounts.

Accepted Answer

A) True 
 B)False

Question 9

If the trial balance totals are not equal, this may have been caused by a transposition error if the difference is divisible by:

Accepted Answer

A)  9) 
B)  7) 
C)  3) 
D)  5) E) A) and D)
F) None of the above

Question 10

A business transaction must affect at least two accounts.

Accepted Answer

A) True 
 B)False

Question 11

Which of the following would result in an error when preparing the Trial Balance?

Accepted Answer

A)  Placing the Accounts Payable balance in the Credit column
B)  Placing the Withdrawal account balance in the Debit column
C)  Placing a Revenue account balance in the Credit column
D)  Placing the balance in Prepaid Rent in the Credit columnE) A) and C)
F) A) and D)

Question 12

Another name for temporary accounts is real accounts.

Accepted Answer

A) True 
 B)False

Question 13

Expense accounts are increased on the ________ side of the account.

Accepted Answer

The answer of Expense accounts are increased on the ________...

Question 14

Another name for permanent accounts is real accounts.

Accepted Answer

A) True 
 B)False

Question 15

If the total on the debit side of a T account is greater than the total on the credit side, the balance is recorded on the debit side.

Accepted Answer

A) True 
 B)False

Question 16

Utilities Expense would be debited when a company receives a bill for utilities that it will pay later.

Accepted Answer

A) True 
 B)False

Exam 3: Analyzing Business Transactions Using T Accounts

Another name for temporary accounts is real accounts.

Correct Answer
verified

Utilities Expense would be debited when a company receives a bill for utilities that it will pay later.

Correct Answer
verified

A special type of owner's equity account set up to record withdrawals of assets by the owner for personal use is called a(n)____________ account.

Correct Answer
verified

If the trial balance totals are not equal, this may have been caused by a transposition error if the difference is divisible by:

Correct Answer
verified

Which of the following would result in an error when preparing the Trial Balance?

Correct Answer
verified

The error that occurs when the number $5.00 is written as $50.00 is called a(n)________ error.

Correct Answer
verified

Which of the following accounts is not a permanent account?

Correct Answer
verified

Which of the following accounts is NOT a nominal account?

Correct Answer
verified

Another name for permanent accounts is real accounts.

Correct Answer
verified

When an owner invests assets in a business, the capital account is debited.

Correct Answer
verified

When developing a chart of accounts, the highest block of numbers is assigned to asset accounts.

Correct Answer
verified

Expense accounts are increased on the ________ side of the account.

Correct Answer
verified

The "Net Income" or "Net Loss" is transferred from the income statement to the

Correct Answer
verified

When preparing the trial balance, the total debits MUST equal the total credits.

Correct Answer
verified

If the total on the debit side of a T account is greater than the total on the credit side, the balance is recorded on the debit side.

Correct Answer
verified

A business transaction must affect at least two accounts.

Correct Answer
verified

Exam 3: Analyzing Business Transactions Using T Accounts

Another name for temporary accounts is real accounts.

Correct AnswerverifiedShow Answer

Utilities Expense would be debited when a company receives a bill for utilities that it will pay later.

Correct AnswerverifiedShow Answer

A special type of owner's equity account set up to record withdrawals of assets by the owner for personal use is called a(n)____________ account.

Correct AnswerverifiedShow Answer

If the trial balance totals are not equal, this may have been caused by a transposition error if the difference is divisible by:

Correct AnswerverifiedShow Answer

Which of the following would result in an error when preparing the Trial Balance?

Correct AnswerverifiedShow Answer

The error that occurs when the number $5.00 is written as $50.00 is called a(n)________ error.

Correct AnswerverifiedShow Answer

Which of the following accounts is not a permanent account?

Correct AnswerverifiedShow Answer

Which of the following accounts is NOT a nominal account?

Correct AnswerverifiedShow Answer

Another name for permanent accounts is real accounts.

Correct AnswerverifiedShow Answer

When an owner invests assets in a business, the capital account is debited.

Correct AnswerverifiedShow Answer

When developing a chart of accounts, the highest block of numbers is assigned to asset accounts.

Correct AnswerverifiedShow Answer

Expense accounts are increased on the ________ side of the account.

Correct AnswerverifiedShow Answer

The "Net Income" or "Net Loss" is transferred from the income statement to the

Correct AnswerverifiedShow Answer

When preparing the trial balance, the total debits MUST equal the total credits.

Correct AnswerverifiedShow Answer

If the total on the debit side of a T account is greater than the total on the credit side, the balance is recorded on the debit side.

Correct AnswerverifiedShow Answer

A business transaction must affect at least two accounts.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified