1) Which of the following accounts will not affect owner's equity? a) Advertising Expense b) Land c) Owner's Withdrawals d) Revenues 2) Which of the following is an asset account? a) Insurance Expense b) Office Equipment c) Service Revenues d) Miscellaneous Expense 3) What follows the journal entries? a) Trial balance b) Financial statements c) Ledger/T-accounts posting d) Adjusting entries 4) When collections are made on Accounts Receivable, a) owner's equity increases b) total assets decrease c) total assets increase d) total assets remain the same 5) When a company has performed a service but has not yet received payment, it a) debit Accounts Receivable and credit Service Revenues b) debit Service Revenues and credit Accounts Receivable c) debit Service Revenues and credit Accounts Payables d) makes no entry 6) A Php200,000.00 machine is purchased by paying Php50,000.00 cash and issuing a promissory note for the remainder. The journal entry shoul include a a) credit to Machinery b) credit to Notes Payable c) credit to Notes Receivable d) Debit to Cash 7) The process of transferring or summarizing the journal entry information from journal to the ledger/T-accounts is called a) analyzing b) header c) journalizing d) posting 8) A purchase of supplies on account should be recorded as a) debit Accounts Payable, credit Supplies b) debit Accounts Receivables, credit Supplies c) debit Supplies, credit Cash d) debit Supplies, credit Accounts Payable 9) When T-account has several items on both sides, the balance of the account is written a) on the side with the greatest number of items b) on the side with larger total c) on the side with the least number of items d) on the side with smaller total. 10) The general journal does not have a column titled a) Account Balance b) Date c) Description / Particulars d) Debit & Credit

Accounting Cycle Quiz

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