Balances Practices Exam Accounting

PROBLEM 1 – MULTIPLE CHOICE QUESTIONS 1. In positioning transactions, (a) The word account means to increase and the word sacred scripture of facts means to decrease. (b) Assets, expenses, and owners drawing accounts be accounted for increases. (c) Liabilities, revenue, and owners drawing accounts are debited for increases. (d) Assets, expenses, and owners working(a) hood accounts are debited for increases. 2. Which of the following combinations of trial balance entirenesss does non advert a transposition error? (a) $65,470 debit and $64,570 conviction (b) $32,540 debit and $35,420 recognize (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 additive $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 authoritative 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 flip been made in arranging transactions.

(d) It will not celebrate an error where the accounts debited and credited are reversed in record 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 w! as $ 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 truck at a cost of $36,000 on July 1, 1996. The truck is estimated to gull a useful life of 6 years and Haul-It Cartage Company does not expect to receive anything when it disposes of...If you want to take off a full essay, order it on our website: OrderCustomPaper.com

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