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Chapter 2
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1. The plus side of a T account represents the:
- normal balance of that account.
- double balance of that account.
- trial balance of that account.
- footings balance of that account.
- standard balance of that account.
ANSWER: a
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.2-1 - LO: 2-1
NATIONAL STANDARDS: United States - AACSB: Analytic STATE STANDARDS: United States - AK - ACBSP: Recording Transactions
United States - AK - AICPA-FN: Reporting
KEYWORDS: Bloom's: Remembering
DATE CREATED: 7/23/2013 2:37 PM
DATE MODIFIED: 1/6/2017 4:54 AM
- When a T account has several items on both sides, the balance of the account is written
- on the side with the greatest number of items.
- on the side with the least number of items.
- on the side with the larger total.
- on the side with the smaller total.
- in none of these locations.
ANSWER: c
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.2-1 - LO: 2-1
NATIONAL STANDARDS: United States - AACSB: Reflective Thinking STATE STANDARDS: United States - AK - ACBSP: Recording Transactions
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Understanding
DATE CREATED: 7/23/2013 2:37 PM
DATE MODIFIED: 7/23/2013 2:37 PM
- Which of the following accounts decrease when they are debited?
- Assets and Drawing
- Drawing and Capital
- Expenses and Assets
- Capital and Liabilities
- Liabilities and Expenses
College Accounting A Career Approach 13th Edition Scott Test Bank Visit TestBankDeal.com to get complete for all chapters
Chapter 2
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ANSWER: d
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.2-3 - LO: 2-3
NATIONAL STANDARDS: United States - AACSB: Analytic STATE STANDARDS: United States - AK - ACBSP: Recording Transactions
United States - AK - AICPA-FN: Reporting
KEYWORDS: Bloom's: Understanding
DATE CREATED: 7/23/2013 2:37 PM
DATE MODIFIED: 1/6/2017 4:55 AM
- A debit may result in
- an increase in an expense account.
- an increase in an asset account.
- a decrease in a liability account.
- a decrease in a revenue account.
- all of these.
ANSWER: e
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.2-3 - LO: 2-3
NATIONAL STANDARDS: United States - AACSB: Reflective Thinking STATE STANDARDS: United States - AK - ACBSP: Recording Transactions
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Understanding
DATE CREATED: 7/23/2013 2:37 PM
DATE MODIFIED: 7/23/2013 2:37 PM
- A credit may result in
- an increase in a liability account.
- an increase in a revenue account.
- a decrease in an asset account.
- an increase in the Capital account.
- all of these.
ANSWER: e
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.2-3 - LO: 2-3
Chapter 2
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NATIONAL STANDARDS: United States - AACSB: Reflective Thinking STATE STANDARDS: United States - AK - ACBSP: Recording Transactions
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Understanding
DATE CREATED: 7/23/2013 2:37 PM
DATE MODIFIED: 7/23/2013 2:37 PM
- A credit may result in
- an increase in an asset account.
- a decrease in the Capital account.
- an increase in a liability account.
- a decrease in a liability account.
- none of these.
ANSWER: c
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.2-3 - LO: 2-3
NATIONAL STANDARDS: United States - AACSB: Reflective Thinking STATE STANDARDS: United States - AK - ACBSP: Recording Transactions
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Understanding
DATE CREATED: 7/23/2013 2:37 PM
DATE MODIFIED: 7/23/2013 2:37 PM
- Which of the following classifications of accounts has/have a normal credit balance?
- Drawing
- Revenues
- Liabilities
- Revenues and liabilities
- All of these
ANSWER: d
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.2-1 - LO: 2-1
CACC.NSMB.13.2-3 - LO: 2-3
NATIONAL STANDARDS: United States - AACSB: Reflective Thinking STATE STANDARDS: United States - AK - ACBSP: Recording Transactions
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Understanding
DATE CREATED: 7/23/2013 2:37 PM
Chapter 2
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DATE MODIFIED: 7/23/2013 2:37 PM
- Which of the following describes the classification and normal balance of H. Gale, Capital?
- Asset, debit
- Revenue, credit
- Owner's equity, debit
- Expense, debit
- None of these
ANSWER: e
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.2-1 - LO: 2-1
CACC.NSMB.13.2-3 - LO: 2-3
NATIONAL STANDARDS: United States - AACSB: Reflective Thinking STATE STANDARDS: United States - AK - ACBSP: GAAP
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Remembering
DATE CREATED: 7/23/2013 2:37 PM
DATE MODIFIED: 7/23/2013 2:37 PM
- Which of the following describes the classification and normal balance of the Income from Services account?
- Capital, debit
- Revenue, credit
- Asset, credit
- Asset, debit
- Expense, debit
ANSWER: b
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.2-1 - LO: 2-1
CACC.NSMB.13.2-3 - LO: 2-3
NATIONAL STANDARDS: United States - AACSB: Reflective Thinking STATE STANDARDS: United States - AK - ACBSP: GAAP
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Remembering
DATE CREATED: 7/23/2013 2:37 PM
DATE MODIFIED: 7/23/2013 2:37 PM
10. An example of an asset account is:
- Wages Payable.
- Purchases.
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