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ACCT 1 CHAP 2 MC

A debit is used to record:
A decrease in the balance of retained earnings
Of the following accounts, the one that normally has a credit balance is:
Sales Salaries Payable
Which of the following statements is correct?
The left side of a T-account is the debit side
The process of transferring general journal information to the ledger is:
Posting
According to IFRSs, comparative information on financial statements is:
Required for the preceding period only
A general journal is:
A complete record of each transaction in the place from which transaction amounts are posted to the ledger accounts
The general ledger of a business
Is a collection of all accounts used in a company’s information system
What is another name for the general journal?
The book of original entry
Which of the following list of events properly reflects the early steps taken in the accounting process?
. Analyze each transaction, Record relevant transactions, Post journal information to ledger accounts, Prepare and analyze the trial balance
Source documents:
Are the sources of accounting information
Which of the following list of events properly reflects the early steps taken in the accounting process?
Analyze each transaction, Record relevant transactions, Post journal information to ledger accounts, Prepare and analyze the trial balance
A ledger is:
A record containing increases and decreases in a specific asset, liability, equity, revenue or expense item
A company has total assets of $385 million. Its total liabilities are $100 million and its equity is $285 million. Calculate its debt ratio.
26.0%
The record in which transactions are first recorded is the:
Journal
Various types of documents and other papers that companies use when they conduct their business:
a. Are called source documents
b. Can include sales tickets
c. Are the source of information for recording accounting entries
d. Can be in electronic form

—-> e. All of the above

Which of the following is a true statement regarding debits and credits?
Assets and expenses are both increased with a debit
Wisconsin Rentals purchased office supplies on credit. The general journal entry made by Wisconsin Rentals will include a:
Credit to Accounts Payable
An account used to record the owner’s investments in the business is called:
Common Stock
During the month of February, Hoffer Company had cash receipts of $7,500 and cash disbursements of $8,600. The February 28 cash balance was $1,800. What was the January 31 beginning cash balance?
. $2,900
Which of the following statements about the Cash account is true?
The cash account includes the value of any medium of exchange that a bank accepts for deposit
A list of all accounts used by a company and the identification number assigned to each account is called a:
Chart of accounts
A column in journals and ledger accounts used to cross reference journal and ledger entries is the:
Posting reference column
A liability created by the receipt of cash from customers in payment for products or services that have not yet been delivered to the customers is:
Recorded as a credit to an unearned revenue account
Prepaid expenses are:
Assets that represent prepayments of future expenses
An account balance is:
The difference between the total debits and total credits for an account including the beginning balance
Which of the following statements is incorrect?
Risk is higher if a company has higher assets
A credit is used to record:
An increase in an unearned revenue account
The account used to record the transfers of assets from a business to its stockholders is:
The retained earnings account

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