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ACC 290 Week 2 Practice Connect Knowledge Check (2019 Latest)

ACC 290 Week 2 Practice Connect Knowledge Check (2019 Latest)
 

Complete the Week 2 Knowledge Check in Connect®.

Note: You have unlimited attempts available to complete this practice assignment. The highest scored attempt will be recorded.

These assignments have earlier due dates, so plan accordingly.

Grades must be transferred manually to eCampus by your instructor. Don’t worry, this might happen after your due date.

 

 
 

A business purchases equipment costing $5,500. They pay $1,500 right away and charge the remaining amount. To record this transaction, the business would:

Multiple Choice

 

Debit Equipment $5,500; Credit Cash $1,500 and Credit Accounts Payable $4,000

 

Debit Equipment $4,000; Credit Accounts Payable $4,000

 

Debit Equipment $5,500; Credit Accounts Payable $5,500

 

Debit Equipment $1,500; Credit Cash $1,500

 

 

 

A business pays a creditor on account. The entry to record this transaction is:

Multiple Choice

 

Debit Accounts Receivable; Credit Accounts Payable

 

Debit Cash; Credit Accounts Payable

 

Debit Accounts Receivable; Credit to Cash

 

Debit Accounts Payable; Credit Cash

 

 

 

The Net Income appears as a separate line item on what two statements?

Multiple Choice

 

the statement of owner’s equity and the income statement

 

the trial balance and the income statement

 

the statement of owner’s equity and the balance sheet

 

the income statement and the balance sheet

 

 

 

The normal balance of an account is the:

Multiple Choice

 

increase side of the account.

 

the left side of the account.

 

decrease side of the account.

 

the right side of the account.

 

 

 

 

When the trial balance totals are not equal, the error may have been caused by recording a debit as a credit if the difference is divisible by:

Multiple Choice

 

2.

 

9.

 

3.

 

5.

 

 

 

Which of the following transactions increase owner’s equity?

Multiple Choice

 

earning revenue

 

paying expenses

 

owner withdrawals for personal use

 

receiving cash from customers on account

 

 

 

Which of the following is not one of the formal financial statements that is made available to all users of the financial statements.

Multiple Choice

 

Statement of Owner’s Equity

 

Balance Sheet

 

Income Statement

 

Trial Balance

 

 

 

 

A business receives a bill for utilities but decides to pay it next month. The business would record the receipt of the bill by:

Multiple Choice

 

Debiting Utilities Expense; Crediting Accounts Receivable

 

Debiting Utilities Expense; Crediting Accounts Payable

 

Debiting Accounts Payable; Crediting Utilities Expense

 

Debiting Utilities Expense; Crediting Cash

 

 

 

Which of the following represents the proper sequence for preparing the financial statements?

Multiple Choice

 

income statement, statement of owner’s equity, balance sheet

 

statement of owner’s equity, income statement, balance sheet

 

income statement, balance sheet, statement of owner’s equity

 

balance sheet, statement of owner’s equity, income statement

 

 

 

 

 

The classification and normal balance of the accounts receivable account is:

Multiple Choice

 

a revenue with a debit balance.

 

an asset with a debit balance.

 

a liability with a debit balance.

 

an asset with a credit balance.

 

 

 

 

The ABC Company paid cash on account for supplies purchased last month. This would be recorded in the T-accounts as a:

Multiple Choice

 

debit Accounts Receivable and credit Cash.

 

debit to Accounts Payable and credit Cash.

 

debit Supplies and credit Accounts Payable.

 

debit Cash and credit Supplies.

 

 

 

The account used to record increases in owner’s equity from the sale of goods or services is:

Multiple Choice

 

the drawing account.

 

the cash account.

 

the fees income account.

 

the capital account.

 

 

 

Which of the following does NOT describe a transposition?

Multiple Choice

 

It involves misplaced digits in a number.

 

It causes the difference between the debit total and the credit total to be divisible by 2.

 

It causes the trial balance to be out of balance.

 

It is an error.

 

 

 

 

A business earns $4,000 from various charge account clients. To record this transaction, the business would:

Multiple Choice

 

Debit Accounts Receivable; Credit Cash

 

Debit Accounts Payable; Credit Fees Income

 

Debit Accounts Receivable; Credit Fees Income

 

Debit Cash; Credit Accounts Receivable

 

 

 

Debits are used to record increases in:

Multiple Choice

 

assets and expenses.

 

assets and revenue.

 

revenue and owner’s equity.

 

assets and liabilities.

 

 

 

 

Which of the following would cause the Debit column and the Credit column of the Trial Balance to be unequal?

Multiple Choice

 

Placing the Fees Income balance in the Credit column

 

Placing the Office Equipment balance in the Debit column

 

Placing the Prepaid Rent balance in the Credit column

 

Placing the Rent Expense balance in the Debit column

 

 

 

Which of the following accounts is NOT a nominal account?

Multiple Choice

 

Moriah Paige, Drawing

 

Office Supplies

 

Salaries Expense

 

Rent Revenue

 

 

 

 

When charge customers pay cash to apply against their accounts, the amount is recorded:

Multiple Choice

 

on the left side of the Cash account and the right side of the Accounts Receivable account.

 

on the left side of the Cash account and the left side of the Accounts Receivable account.

 

on the left side of the Accounts Payable account and the right side of the Cash account.

 

on the left side of the Cash account and the right side of the Fees Income account.

 

 

 

 

The “Net Income” or “Net Loss” is transferred from the income statement to the

Multiple Choice

 

balance sheet.

 

statement of owner’s equity.

 

chart of accounts.

 

trial balance.

 

 

 

Which of the following types of accounts normally have debit balances?

Multiple Choice

 

assets, liabilities, and owner’s equity

 

expenses and assets

 

assets and revenue

 

liabilities and owner’s equity

 

 

 

Which of the following entries records the withdrawal of cash for personal use by Ty Knott, the owner of a business?

Multiple Choice

 

debit Cash and credit Ty Knott, Capital

 

debit Cash and credit Salary Expense

 

debit Salary Expense and credit Cash

 

debit Ty Knott, Drawing, and credit Cash

 

 

 

 

An accounting system that involves recording the effects of each transaction as debits and credits is:

Multiple Choice

 

completing one T account.

 

analyzing a business transaction.

 

the double-entry system.

 

preparing financial statements.

 

 

 

 

A business performed $8,000 of services. Their customer paid $3,000 of the amount right away but charged the remaining amount. To record this transaction, the business would:

Multiple Choice

 

Debit Accounts Receivable $8,000 and; Credit Fees Income $8,000

 

Debit Cash $3,000 and Debit Accounts Receivable $5,000 and Credit Fees Income $8,000

 

Debit Cash $3,000 and Debit Accounts Payable $5,000; Credit Fees Income $8,000

 

Debit Cash $3,000; Credit Fees Income $3,000

 

 

 

 

The total of the figures on the left side of a Cash account is $36,700. The total of the figures on the right side is $16,250. The balance of this account:

Multiple Choice

 

is $20,450 and would be recorded on the right side of the account.

 

is $52,950 and would be recorded on the left side of the account.

 

is $20,450 and would be recorded on the left side of the account.

 

is $52,950 and would be recorded on the right side of the account.

 

 

 

 

On a statement of owner’s equity, beginning capital is $152,000, Drawing for the year is $65,000, and the ending capital is $191,000. What is the amount of Net Income for the year?

Multiple Choice

 

$126,000

 

$ 26,000

 

$104,000

 

$ 87,000

 

 

 

 

Credits are used to record:

Multiple Choice

 

decreases in assets and owner’s equity and increases in liabilities.

 

decreases in liabilities and increases in assets and owner’s equity.

 

increases in liabilities and revenues.

 

increases in assets, liabilities, and owner’s equity.

 

 

 

 

The ending capital balance appears on what financial statement(s)

Multiple Choice

 

income statement and balance sheet.

 

income statement and the statement of owner’s equity.

 

statement of owner’s equity and the balance sheet.

 

only on the balance sheet.

 

 

 

 

A business purchases supplies on account. The entry to record this transaction is:

Multiple Choice

 

Debit to Supplies; Credit Accounts Receivable

 

Debit Supplies; Credit Accounts Payable

 

Debit Supplies; Credit to Cash

 

Debit to Cash; Credit Supplies

 

 

 

 

Which of the following would cause the Trial Balance to be out of balance?

Multiple Choice

 

Placing the Rent Expense account balance in the Debit column

 

Placing the Accounts Receivable balance in the Credit column

 

Placing the Equipment account balance in the Debit column

 

Placing the Capital account balance in the Credit column

 

 

 

 

Select the entry below to record the payment to employees for work performed during the pay period?

Multiple Choice

 

debit Cash, and credit Accounts Receivable

 

debit Salary Expense and credit Cash

 

debit Cash and credit Salary Expense

 

debit Salary Expense and credit Accounts Receivable

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