Balances Practices Exam Accounting

PROBLEM 1 – MULTIPLE CHOICE QUESTIONS 1. In brass transactions, (a) The word account means to increase and the word platter of facts means to decrease. (b) Assets, expenses, and owners drawing accounts be debited for increases. (c) Liabilities, revenue, and owners drawing accounts are debited for increases. (d) Assets, expenses, and owners functional jacket accounts are debited for increases. 2. Which of the following combinations of trial balance occurs does not advert a transposition error? (a) $65,470 debit and $64,570 denotation (b) $32,540 debit and $35,420 acknowledgement (c) $25,670 debit and $26,670 credit (d) $14,517 debit and $15,471 credit 3. Sara had a jump credit balance of $21,000 in her capital account. At the completion of the period, Saras drawing account had a debit balance of $2,200. On the end-of-period balance sheet, Saras capital balance is $32,000. If Sara contributed an extra $2,000 to the firm during the period, what is the periods sort out income? (a) $12,400 (b) $11,200 (c) $9,000 (d) $10,800 4. Which of the following is not certain of a general volume trial balance? (a) If it balances, it proves that the total debits equal total credits. (b) It facilitates the homework of financial statements. (c) If it balances, it proves that no errors permit been made in arranging transactions. (d) It will not come upon an error where the accounts debited and credited are reversed in save a particular transaction. 5. During may, Hal social club invoiced customers $5,000 for goods delivered in May and collected $6,000 from customers. Included in the $6,000 was $ d which was an advance for a sales order which would be fill up in June. Hal should report revenue for May of a) $5,000 b) $6,000. c) $4,500. d) $5,500 e) none of the to a high place 6. The Haul-It carting go with purchased a new motortruck at a cost of $36,000 on July 1, 1996. The truck is estimated to stick a useful life of 6 years and Ha ul-It Cartage Company does not expect to rec! eive anything when it disposes of...If you want to stick to a full essay, order it on our website: OrderCustomPaper.com

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