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ACC101 > ACC101 Mini Exam Practice (Ch 1-2) > Flashcards

ACC101 Mini Exam Practice (Ch 1-2) Flashcards

1
Q

Accounting Equation

A

Assets = Liabilities + Stockholder’s Equity

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2
Q

4 Parts of Stockholder’s Equity

A

+Common Stock + Revenues - Expenses - Dividends

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3
Q

Cash is a(n) _____ account.

A

asset

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4
Q

Supplies is a(n) _____ account.

A

asset

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5
Q

Accounts receivable is a(n) _____ account.

A

asset

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6
Q

Equipment is a(n) _____ account.

A

asset

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7
Q

Accounts payable is a(n) _____ account.

A

liability

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8
Q

Common stock is a(n) _____ account.

A

stockholders’ equity

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9
Q

Revenue is is a(n) _____ account.

A

stockholders’ equity

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10
Q

Salaries & Wages Expense is a(n) _____ account.

A

stockholders’ equity

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11
Q

Dividends is a(n) _____ account

A

stockholders’ equity

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12
Q

The Income Statement records

A

Revenues - expenses = net income (loss) for a period of time

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13
Q

The Retained Earnings Statement records

A

Beginning retained earnings + net income (loss) - dividends = Ending retained earnings for a period of time

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14
Q

The Balance Sheet records

A

Assets, liabilities, and stockholders’ equity for a specific date. Stockholders’ equity is Common Stock and Ending Retained Earnings.

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15
Q

Cash is recorded on which financial statement?

A

Balance Sheet

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16
Q

Accounts Receivable is recorded on which financial statement?

A

Balance Sheet

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17
Q

Supplies is recorded on which financial statement?

A

Balance Sheet

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18
Q

Equipment is recorded on which financial statement?

A

Balance Sheet

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19
Q

Accounts payable is recorded on which financial statement?

A

Balance Sheet

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20
Q

Common Stock is recorded on which financial statement?

A

Balance Sheet

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21
Q

Ending Retained Earnings is recorded on which financial statement?

A

Retained Earnings Statement AND Balance Sheet

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22
Q

Service Revenue is recorded on which financial statement?

A

Income Statement

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23
Q

Salaries and Wages Expense is recorded on which financial statement?

A

Income Statement

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24
Q

Rent Expense is recorded on which financial statement?

A

Income Statement

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25
Q

Advertising Expense is recorded on which financial statement?

A

Income Statement

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26
Q

Utilities Expense is recorded on which financial statement?

A

Income Statement

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27
Q

Net Income is recorded on which financial statement?

A

Income Statement AND Retained Earnings Statement

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28
Q

Dividends is recorded on which financial statement?

A

Retained Earnings Statement

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29
Q

Beginning Retained Earnings is recorded on which financial statement?

A

Retained Earnings Statement

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30
Q

Performing services on account will have what impact on the accounting equation?

A

+ Assets (A/R)
+ Stockholders’ Equity (Revenue)

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31
Q

Receiving cash for services performed will have what impact on the accounting equation?

A

+ Assets (cash)
+ Stockholders’ Equity (Revenue)

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32
Q

Purchasing equipment on account will have what impact on the accounting equation?

A

+ Assets (equipment)
+ Liabilities (A/P)

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33
Q

Payment of cash dividends will have what impact on the accounting equation?

A
  • Assets (cash)
  • Stockholders’ Equity (dividends)
34
Q

Paid expenses in cash will have what impact on the accounting equation?

A
  • Assets (cash)
  • Stockholders’ Equity (expenses)
35
Q

Paid cash for rent will have what impact on the accounting equation?

A
  • Assets (cash)
  • Stockholders’ Equity (expenses)
36
Q

Received cash from customers billed last month will have what impact on the accounting equation?

A

+ Assets (cash)
- Assets (A/R)

37
Q

Paid cash for equipment purchased on account will have what impact on the accounting equation?

A
  • Asset (cash)
  • Liabilities (A/P)
38
Q

Incurred advertising expense on account will have what impact on the accounting equation?

A

+ Liabilities (A/P)
- Stockholders’ Equity (expense)

39
Q

Borrowed cash from a bank will have what impact on the accounting equation?

A

+ Assets (cash)
+ Liabilities (N/P)

40
Q

Stockholders investment of cash in the business in exchange for common stock will have what impact on the accounting equation?

A

+ Assets (cash)
+ Stockholders’ Equity (C/S)

41
Q

Cash payment of dividends will have what impact on the accounting equation?

A
  • Assets (cash)
  • Stockholders’ Equity (Dividends)
42
Q

Debits ___________ (increase/decrease) assets.

A

increase

43
Q

Debits ___________ (increase/decrease) liabilities.

A

decrease

44
Q

Debits ___________ (increase/decrease) expenses.

A

increase

45
Q

Debits ___________ (increase/decrease) dividends.

A

increase

46
Q

Credits___________ (increase/decrease) assets.

A

decrease

47
Q

Credits___________ (increase/decrease) liabilities.

A

increase

48
Q

Credits___________ (increase/decrease) common stock.

A

increase

49
Q

Credits___________ (increase/decrease) revenues.

A

increase

50
Q

The normal balance for cash is ________.

A

debit

51
Q

The normal balance for accounts payable is ________.

A

credit

52
Q

The normal balance for advertising expense is ________.

A

debit

53
Q

The normal balance for service revenue is ________.

A

credit

54
Q

The normal balance for accounts receivable is ________.

A

debit

55
Q

The normal balance for common stock is ________.

A

credit

56
Q

The normal balance for dividends is ________.

A

debit

57
Q

The normal balance for prepaid insurance is ________.

A

debit

58
Q

The normal balance for supplies is ________.

A

debit

59
Q

The normal balance for notes payable is ________.

A

credit

60
Q

The normal balance for equipment is ________.

A

debit

61
Q

The normal balance for unearned service revenue is ________.

A

credit

62
Q

To record an issue of C/S for Cash: debit __________ and credit _________.

A

debit cash
credit common stock

63
Q

To record a payment of one month rent for building: debit __________ and credit _________.

A

debit rent expense
credit cash

64
Q

To record an cash payment for equipment: debit __________ and credit _________.

A

debit equipment
credit cash

65
Q

To record an purchase of equipment on account: debit __________ and credit _________.

A

debit equipment
credit accounts payable

66
Q

To record cash payment for advertising: debit __________ and credit _________.

A

debit advertising expense
credit cash

67
Q

To record a bill for equipment repair cost: debit __________ and credit _________.

A

debit maintenance and repair expense
credit accounts payable

68
Q

To record providing services on account: debit __________ and credit _________.

A

debit accounts receivable
credit service revenue

69
Q

To record a purchase of supplies on account: debit __________ and credit _________.

A

debit supplies
credit accounts payable

70
Q

To record a payment for a customer that was billed last month: debit __________ and credit _________.

A

debit cash
credit accounts receivable

71
Q

To record a payment on account: debit __________ and credit _________.

A

debit accounts payable
credit cash

72
Q

To record payment of employee wages: debit __________ and credit _________.

A

debit salaries and wages expense
credit cash

73
Q

credit

A

the right side of an account

74
Q

debit

A

the left side of an account

75
Q

normal balance

A

an account balance on the side where an increase in the account is recorded (Note: the side that increases)

76
Q

Posting

A

the procedure of transferring journal entries to the ledger accounts

77
Q

Trial balance

A

a list of accounts and their balances

78
Q

Journal

A

an accounting record in which transactions are initially recorded in chronological (date) order

79
Q

General Ledger

A

A ledger (book of record) that contains all asset, liability, and stockholders’ equity accounts and balances

80
Q

Chart of Accounts

A

A list of accounts and the related account numbers

ACC101 (6 decks)

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