Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Acct 411 Final prep > ACCT 411 FINAL PREP > Flashcards

ACCT 411 FINAL PREP Flashcards

1
Q

Question

The correct statement order is:

Answer

Income Statement, Statement of O/E. Balance Sheet, Trial Balance

Trial Balance, Income Statement, Balance Sheet, Statement of O/E

Trial Balance, Income Summary, Statement of O/E, Balance Sheet

Trial Balance, Income Statement, Statement of O/E, Balance Sheet

A

Question

The correct statement order is:

Answer

Question 1 - Correct Answer4
Trial Balance, Income Statement, Statement of O/E, Balance Sheet

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

The book of accounts is the:
Answer

journal

ledger

Trial Balance

Income Sumamry

A

The book of accounts is the:
Answer

ledger

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What is an unwritten promise of a customer to pay the business a sum of money at a later date for services rendered?
Answer

Accounts Payable

Accounts Receivable

Notes Payable

Notes Receivable

A

What is an unwritten promise of a customer to pay the business a sum of money at a later date for services rendered?
Answer

Question 3 - Correct Answer2

Accounts Receivable

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Expenses get closed out to what account?
Answer

Revenue

Income Summary

Capital

Cash

A

Expenses get closed out to what account?
Answer

Question 4 - Correct Answer2

Income Summary

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

An entry on the debit side of an asset means the account has been:
Answer

increased

decreased

A

An entry on the debit side of an asset means the account has been:
Answer
Question 5 - Correct Answer1

increased

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Another term for net worth is:
Answer

Asset

Liability

Cash

Capital

A

Another term for net worth is:
Answer
Question 6 - Correct Answer4

Capital

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What is the entry to record a purchase of office equipment on credit?
Answer

Dr. Accounts Payable, Cr. Cash

Dr. Cash, Cr. Office Equipment

Dr. Office Equipment, Cr. Accounts Payable

Dr. Office Equipment, Cr. Cash

A

What is the entry to record a purchase of office equipment on credit?
Answer

Question 7 - Correct Answer3

Dr. Office Equipment, Cr. Accounts Payable

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

The capital account gets closed out to:
Answer

Revenue

Expenses

Income Summary

The capital account does not get closed out

A

The capital account gets closed out to:
Answer

Question 8 - Correct Answer4

The capital account does not get closed out

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Which of the following is a liability account?
Answer

Cash

Loans Payable

Notes Receivable

Capital

A

Which of the following is a liability account?
Answer

Question 9 - Correct Answer2

Loans Payable

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

An entry on the debit side of a liability means the account has been:
Answer

increased

decreased

A

An entry on the debit side of a liability means the account has been:
Answer
Question 10 - Correct Answer2

decreased

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What is the entry to record the expensing of a prepaid asset?
Answer

Dr. Expense, Cr. Prepaid Asset

Dr. Prepaid Asset, Cr. Cash

Dr. Cash, Cr. Prepaid Asset

Dr. Prepaid Asset, Cr. Expense

A

What is the entry to record the expensing of a prepaid asset?
Answer
Question 11 - Correct Answer1

Dr. Expense, Cr. Prepaid Asset

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What is the entry to record the payment of the monthly electric expense?

Answer

Dr. Electric Expense, Cr. Cash

Dr. Electric Expense, Cr. Accounts Payable

Dr. Cash, Cr. Electric Payable

Dr. Capital, Cr. Cash

A

What is the entry to record the payment of the monthly electric expense?

Answer
Question 12 - Correct Answer1

Dr. Electric Expense, Cr. Cash

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Accounts payable has a _____________ balance.
Answer

debit

credit

A

Accounts payable has a _____________ balance.
Answer

Question 13 - Correct Answer2

credit

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What is the entry to record a funeral service done on account?
Answer

Dr. Cash, Cr. Revenue

Dr. Accounts Receivable, Cr. Revenue

Dr. Revenue, Cr. Cash

Dr. Revenue. Cr. Accounts Receivable

A

What is the entry to record a funeral service done on account?
Answer

Question 14 - Correct Answer2

Dr. Accounts Receivable, Cr. Revenue

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Which of the following is an example of an asset?
Answer

Salaries Expense

Drawing Account

Mortgage Payable

Land

A

Which of the following is an example of an asset?
Answer

Question 15 - Correct Answer4

Land

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

The Banker’s method assumes
Answer

365 days

265 days

360 days

3600 days

A

The Banker’s method assumes
Answer

Question 16 - Correct Answer3

360 days

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Money paid for the use of money is:
Answer

revenue

cash

interest

equity

A

Money paid for the use of money is:
Answer

Question 17 - Correct Answer3

interest

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Debts owed by a business are:
Answer

assets

liabilities

Capital

Revenue

A

Debts owed by a business are:
Answer
Question 18 - Correct Answer2

liabilities

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Which of the following is the accounting equation?
Answer

Assets=Liabilities+Owner’s Equity

Assets+Liabilities=Owner’s Equity

Assets+Owner’s Equity+Liabilities

Revenue-Expenses

A

Which of the following is the accounting equation?
Answer
Question 19 - Correct Answer1

Assets=Liabilities+Owner’s Equity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

If assets of a business total $100,000 and the liabilities total $30,000, what is the Owner’s Equity?
Answer

-$70,000

$130,000

$70,000

-$130,000

A

If assets of a business total $100,000 and the liabilities total $30,000, what is the Owner’s Equity?
Answer

Question 20 - Correct Answer3

$70,000

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

What is the proper entry to close out the Drawing account?
Answer

Dr. Capital, Cr. Drawing Account

Dr. Drawing Account, Cr. Capital

Dr. Cash, Cr. Drawing Account

Dr. Drawing Account, Cr. Cash

A

What is the proper entry to close out the Drawing account?
Answer
Question 21 - Correct Answer1

Dr. Capital, Cr. Drawing Account

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

If the income summary has a credit balance, the company is operating at a:
Answer

profit

loss

A

If the income summary has a credit balance, the company is operating at a:
Answer
Question 22 - Correct Answer1

profit

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

What is the entry to record paying salaries?
Answer

Dr. Cash, Cr. Expenses

Dr. Salaries Payable, Cr. Cash

Dr. Salaries Expense, Cr. Cash

Dr. Cash, Cr. Revenue

A

What is the entry to record paying salaries?
Answer

Dr. Cash, Cr. Expenses

Dr. Salaries Payable, Cr. Cash
Question 23 - Correct Answer3

Dr. Salaries Expense, Cr. Cash

Dr. Cash, Cr. Revenue

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

What is a written promise of a customer to pay the business a sum of money at a later date for services rendered?
Answer

Account Payable

Account Receivable

Note Payable

Note Receivable

A

What is a written promise of a customer to pay the business a sum of money at a later date for services rendered?
Answer

Account Payable

Account Receivable

Note Payable
Question 24 - Correct Answer4

Note Receivable

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

Which of the following is an example of a liability?
Answer

Accounts Receivable

Accounts Payable

Cash

Revenue

A

Which of the following is an example of a liability?
Answer

Accounts Receivable
Question 25 - Correct Answer2

Accounts Payable

Cash

Revenue

26
Q

Capital has a____________balance.
Answer

debit

credit

A

Capital has a____________balance.
Answer

debit
Question 26 - Correct Answer2

credit

27
Q

Which of the following would NOT have assets on it?
Answer

Trial Balance

Income Statement

Balance Sheet

A

Which of the following would NOT have assets on it?
Answer

Trial Balance
Question 27 - Correct Answer2

Income Statement

Balance Sheet

28
Q

Which of the following is an asset account?
Answer

Rent Expense

Prepaid Rent

Account Payable

Capital

A

Which of the following is an asset account?
Answer

Rent Expense
Question 28 - Correct Answer2

Prepaid Rent

Account Payable

Capital

29
Q

The Drawing Account gets closed out to:
Answer

Revenue

Expenses

Income Summary

Capital

A

The Drawing Account gets closed out to:
Answer

Revenue

Expenses

Income Summary
Question 29 - Correct Answer4

Capital

30
Q

When the business receives funds as a result of selling goods or services, which account is credited?
Answer

Capital

Revenue

Drawing Account

Cash

A

When the business receives funds as a result of selling goods or services, which account is credited?
Answer

Capital
Question 30 - Correct Answer2

Revenue

Drawing Account

Cash

31
Q

What is the entry to record a funeral service done on account and signed for?
Answer

Dr. Notes Receivable, Cr. Cash

Dr. Notes Receivable, Cr. Revenue

Dr. Revenue, Cr. Cash

Dr. Accounts Receivable, Cr. Revenue

A

What is the entry to record a funeral service done on account and signed for?
Answer

Dr. Notes Receivable, Cr. Cash
Question 31 - Correct Answer2

Dr. Notes Receivable, Cr. Revenue

Dr. Revenue, Cr. Cash

Dr. Accounts Receivable, Cr. Revenue

32
Q

What is the net income of the firm if Revenues are $40,000 and Expenses are $15,000?
Answer

$25,000

$35,000

$40,000

$15,000

A

What is the net income of the firm if Revenues are $40,000 and Expenses are $15,000?
Answer
Question 32 - Correct Answer1

$25,000

$35,000

$40,000

$15,000

33
Q

Which of the following is an example of a liability?
Answer

Cash

Notes Receivable

Notes Payable

Capital

A

Which of the following is an example of a liability?
Answer

Cash

Notes Receivable
Question 33 - Correct Answer3

Notes Payable

Capital

34
Q

What is the entry to record a funeral service that was paid for partially in cash and the balance is owed?
Answer

Dr. Cash, Accounts Receivable, Cr. Capital

Dr. Cash, Accounts Receivable, Cr. Revenue

Dr. Cash, Notes Receivable, Cr. Revenue

Dr. Revenue, Cr. Cash. Accounts Receivable

A

What is the entry to record a funeral service that was paid for partially in cash and the balance is owed?
Answer

Dr. Cash, Accounts Receivable, Cr. Capital
Question 34 - Correct Answer2

Dr. Cash, Accounts Receivable, Cr. Revenue

Dr. Cash, Notes Receivable, Cr. Revenue

Dr. Revenue, Cr. Cash. Accounts Receivable

35
Q

If the income summary has a debit balance, the company is operating at a:
Answer

profit

loss

A

If the income summary has a debit balance, the company is operating at a:
Answer

profit
Question 35 - Correct Answer2

loss

36
Q

Which of the following would NOT have liabilities on it?
Answer

Trial Balance

Income Statement

Balance Sheet

A

Which of the following would NOT have liabilities on it?
Answer

Trial Balance
Question 36 - Correct Answer2

Income Statement

Balance Sheet

37
Q

An entry on the credit side of a liability account means the account has been:
Answer

increased

decreased

A

An entry on the credit side of a liability account means the account has been:
Answer
Question 37 - Correct Answer1

increased

decreased

38
Q

Revenue gets closed out to what account?
Answer

Expenses

Income Summary

Capital

Cash

A

Revenue gets closed out to what account?
Answer

Expenses
Question 38 - Correct Answer2

Income Summary

Capital

Cash

39
Q

Which of the following is a temporary owner’s equity account?
Answer

Cash

Capital

Revenue

Land

A

Which of the following is a temporary owner’s equity account?
Answer

Cash

Capital
Question 39 - Correct Answer3

Revenue

Land

40
Q

Which of the following is an example of an asset?
Answer

Accounts Payable

Notes Receivable

Capital

Revenue

A

Which of the following is an example of an asset?
Answer

Accounts Payable
Question 40 - Correct Answer2

Notes Receivable

Capital

Revenue

41
Q

Revenue has a ___________balance.
Answer

debit

credit

A

Revenue has a ___________balance.
Answer

debit
Question 41 - Correct Answer2

credit

42
Q

Expenses have____________balances.
Answer

debit

credit

A

Expenses have____________balances.
Answer
Question 42 - Correct Answer1

debit

credit

43
Q

What is the entry to record the purchase of prepaid insurance?
Answer

Dr. Cash, Cr. Prepaid Insurance

Dr. Cash, Cr, Insurance Expense

Dr. Prepaid Insurance, Cr. Cash

Dr. Insurance Expense, Cr. Cash.

A

What is the entry to record the purchase of prepaid insurance?
Answer

Dr. Cash, Cr. Prepaid Insurance

Dr. Cash, Cr, Insurance Expense
Question 43 - Correct Answer3

Dr. Prepaid Insurance, Cr. Cash

Dr. Insurance Expense, Cr. Cash.

44
Q

Expense accounts are temporary accounts considered part of:
Answer

Assets

Liabilities

Owner’s Equity

A

Expense accounts are temporary accounts considered part of:
Answer

Assets

Liabilities
Question 44 - Correct Answer3

Owner’s Equity

45
Q

Which of the following is an example of an asset?
Answer

Cash

Accounts Payable

Capital

Revenue

A

Which of the following is an example of an asset?
Answer
Question 45 - Correct Answer1

Cash

Accounts Payable

Capital

Revenue

46
Q

The Drawing account is an account used to pay employees.
Answer
True
False

A

The Drawing account is an account used to pay employees.
Answer
True
Question 46 - Correct Answer - False False

47
Q

The Income Statement is a formal financial statement.
Answer
True
False

A

The Income Statement is a formal financial statement.
Answer
Question 47 - Correct Answer - True True
False

48
Q

If there is a debit balance in the Income Summary account, the company has a loss.
Answer
True
False

A 
If there is a debit balance in the Income Summary account, the company has a loss.
Answer 	
Question 48 - Correct Answer - True 	
True
	False
49
Q

The Trial Balance is an informal financial statement.
Answer
True
False

A

The Trial Balance is an informal financial statement.
Answer
Question 49 - Correct Answer - True True
False

50
Q

The Balance Sheet has expenses on it.
Answer
True
False

A

The Balance Sheet has expenses on it.
Answer
True
Question 50 - Correct Answer - False False

51
Q

To increase a liability account, you credit the account.
Answer
True
False

A

To increase a liability account, you credit the account.
Answer
Question 51 - Correct Answer - True True
False

52
Q

If expenses exceed revenues, there is a loss.
Answer
True
False

A

If expenses exceed revenues, there is a loss.
Answer
Question 52 - Correct Answer - True True
False

53
Q

To increase an asset account, you credit the account.
Answer
True
False

A

To increase an asset account, you credit the account.
Answer
True
Question 53 - Correct Answer - False False

54
Q

All journal entries must have equal debits and credits.
Answer
True
False

A

All journal entries must have equal debits and credits.
Answer
Question 54 - Correct Answer - True True
False

55
Q

Accounts Payable normally has a debit balance.
Answer
True
False

A

Accounts Payable normally has a debit balance.
Answer
True
Question 55 - Correct Answer - False False

56
Q

The amount of wages paid to employees will appear on the Income Statement.
Answer
True
False

A

The amount of wages paid to employees will appear on the Income Statement.
Answer
Question 56 - Correct Answer - True True
False

57
Q

The Income Statement has revenue and expenses on it.
Answer
True
False

A

The Income Statement has revenue and expenses on it.
Answer
Question 57 - Correct Answer - True True
False

58
Q

To increase an asset account, you debit the account.
Answer
True
False

A

To increase an asset account, you debit the account.
Answer
Question 58 - Correct Answer - True True
False

59
Q

The Trial Balance comes after the Balance Sheet.
Answer
True
False

A

The Trial Balance comes after the Balance Sheet.
Answer
True
Question 59 - Correct Answer - False False

60
Q

The Drawing Account appears on the Trial Balance.
Answer
True
False

A

The Drawing Account appears on the Trial Balance.
Answer
Question 60 - Correct Answer - True True
False

Acct 411 Final prep (1 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions