financial accounting II chpt II

  1. Which of the items below ar examples of assets?

    B. cash and accounts receivable
  2. Accountants sue credits to record what activities?

    A. increases in liabilities and stockholders equity.
  3. Accountants use debits to recor increases in which accounts?

    D. assets and expenses.
  4. How would an accountant record a payment of cash to pay a debt?

    D. debit accounts payable and credit cash.
  5. How does an accountant record the receipt of cash from a credit customer?
    On the debit side of the cash account and the credit side of the accounts receivable account.
  6. Which stockholders equity account increases as a result of the sale of goods or services to a customer?

    C. the revenue account.
  7. Which of the account types listed below normally carry a debit balance?

    C. expenses and assets.
  8. Which of the accounts listed below normally carry a credit balance?

    A. fees income and stock (fees income aka revenue)
  9. How does an accountant journalize the sale of services on account?

    D. a debit to A/R and a credit to fees income.
  10. The journal entry to record the pruchase of equiment for a $300 cash down payment adn a balance of $700 due in 30 days would include?

    C. a debit to equipment for 1000 and a credit to cash for 300, and a credit to A/P for 700.
Card Set
financial accounting II chpt II
chapter II quiz accounting