achivmt test answ2
Post on 24-Feb-2018
218 Views
Preview:
TRANSCRIPT
-
7/25/2019 Achivmt Test Answ2
1/18
9th Edition
Financial and
Managerial AccountingWarren/Reeve
Chapter Test 2A
A
-
7/25/2019 Achivmt Test Answ2
2/18
TEST 2A (Concluded)
PROBLEM 1DEBIT AND CREDIT
INSTRUCTIONS:Indicate the manner in which each of the increases and decreases in the accounts listed below would
be recorded by placing a check mark in the debit column or the credit column at the right.
Answers
Debit Credit
0. Notes Payable is decreased ....................................................................... 0. ____
1. Alex Small, Drawing is increased ............................................................... 1. ____
2. Accounts Payable is decreased ................................................................. 2. ____
For
Scoring
-
7/25/2019 Achivmt Test Answ2
3/18
3. Fees earned is decreased ......................................................................... 3. ____
4. Supplies Expense is increased .................................................................. 4. ____
5.Wages Expense is decreased ................................................................... 5. ____
6. Supplies is increased ................................................................................. 6. ____
7. Automobile is decreased ............................................................................ 7. ____
8.Accounts Receivable is increased ............................................................. 8. ____
9. Cash is decreased ..................................................................................... 9. ____
10. Insurance Expense is increased ................................................................ 10. ____
-
7/25/2019 Achivmt Test Answ2
4/18
TEST 2A (Concluded)
PROBLEM 2ANALYSIS OF TRANSACTIONS
INSTRUCTIONS:For Bush Designs, indicate the accounts to be debited and credited in recording the selected
transactions described below by inserting the letter designation for the accounts in the appropriate columns.
A.Accounts Payable E.Fees Earned I.Office Equipment M.Wages Expense
B.Accounts Receivable F.Miscellaneous Expense J.Rent Expense N.H. Loehr, Capital
C.Building G.Notes Payable K.Supplies O.H. Loehr, Drawing
D.Cash H.Notes Receivable L.Supplies Expense
For For
-
7/25/2019 Achivmt Test Answ2
5/18
TRANSACTIONS Debit Scoring Credit Scoring
0.Henry Loehr withdrew cash from the business ........................................ O 0. ____ D 0. ____
1-2.Received cash for services sold ............................................................... 1. ____ 2. ____
3-4.Purchased supplies for on account .......................................................... 3. ____ 4. ____
5-6.Purchased office equipment, paying one-half in cashand giving a note for the balance ............................................................. 5. ____ 6. ____
7-8.Paid creditors on account ......................................................................... 7. ____ 8. ____
9-10.Fees earned from cash customers and customers on account ............... 9. ____ 10. ____
11-12.Discovered an error in collecting cash on an account receivable from
-
7/25/2019 Achivmt Test Answ2
6/18
TEST 2A (Concluded)
a customer. Reimbursed the customer in cash for the overpayment ..... 11. ____ 12. ____
13-14.Received cash from customers on account ............................................. 13. ____ 14. ____
15-16.Recorded supplies used for month .......................................................... 15. ____ 16. ____
17-18.Paid rent ................................................................................................... 17. ____ 18. ____
NOTE:Each debit and credit is assigned a weight of 2%.
-
7/25/2019 Achivmt Test Answ2
7/18
PROBLEM 3CLASSIFICATION OF ACCOUNTS
INSTRUCTIONS:The customary classifications for accounts listed in the chart of accounts are listed below. Classify
each account by inserting the appropriate letter in the classification column and indicate the normal balance by inserting a
check mark in the debit column or the credit column.
CLASSESA.Assets B.Liabilities C.Owners equity D.Revenue E.Expenses
Normal Balance For
Scoring
-
7/25/2019 Achivmt Test Answ2
8/18
TEST 2A (Concluded)
ACCOUNTS Classification Debit Credit
0.Cash ....................................................................................... A 0. ____
1.Notes Receivable .................................................................... 1. ____
2.Supplies .................................................................................. 2. ____
3.Fares Earned .......................................................................... 3. ____
4.Land ........................................................................................ 4. ____
5.Prepaid Insurance .................................................................. 5. ____
6.April Saran, Capital ................................................................ 6. ____
7.Unearned Rent ....................................................................... 7. ____
-
7/25/2019 Achivmt Test Answ2
9/18
8.Rent Expense ......................................................................... 8. ____
9.Office Equipment .................................................................... 9. ____
10.Accounts Payable ................................................................... 10. ____
PROBLEM 4PRINCIPLES AND TERMINOLOGY
INSTRUCTIONS:Select from the list below the term that best represents each statement, inserting the letter
designation in the Answers column. A term may be used more than once.
TERMS
-
7/25/2019 Achivmt Test Answ2
10/18
TEST 2A (Concluded)
A.Accounts Payable F.Credit J.Journal N.Revenue
B.Accounts Receivable G.Debit K.Chart of Accounts O.Slide
C.Balance H.Drawing L.Liabilities P.Transposition
D.Capital I.Expense M.Posting Q.Trial Balance
E.Cash
ForSTATEMENTS Answers Scoring
0.The difference between the debits and credits in an account ................... C 0. ____
1.Normal balance of asset accounts ............................................................ 1. ____
-
7/25/2019 Achivmt Test Answ2
11/18
2.Owners investment in a business ............................................................. 2. ____
3.Resources used up or services consumed in generating revenues .......... 3. ____
4. The process of recording the data in an entry to the appropriateaccount ....................................................................................................... 4. ____
5.The error caused by the movement of an entire number one or morespaces to the right or left ........................................................................... 5. ____
6. Left side of an account ............................................................................... 6. ____
7.Normal balance of accounts receivable ..................................................... 7. ____
8.List for the entire group of accounts maintained by a business ................ 8. ____
-
7/25/2019 Achivmt Test Answ2
12/18
TEST 2A (Concluded)
9. Account used to record amounts owed to creditors for purchases onaccount .......................................................................................................
9. ____
10. Account used to record amounts due from customers for sales on account
.................................................................................................................... 10. ____
TEST 2A
Problem 1
Debit and Credit
Debit Credit
1.
-
7/25/2019 Achivmt Test Answ2
13/18
2.
3.
4.
5.
6.
7.
8.
9.
10.
-
7/25/2019 Achivmt Test Answ2
14/18
TEST 2A (Concluded)
Problem 2
Analysis of Transactions
Debit Credit
1. D 2. E
3. K 4. A
5. I 6. D, G
7. A 8. D
9. B, D 10. E
11. B 12. D
13. D 14. B
-
7/25/2019 Achivmt Test Answ2
15/18
15. L 16. K
17. J 18. D
Problem 3
Classification of Accounts
Classi- Normal Balance
fication Debit Credit
1. A
2. A
3. D
-
7/25/2019 Achivmt Test Answ2
16/18
TEST 2A (Concluded)
4. A
5. A
6. C
7. B
8. E
9. A
10. B
Problem 4
Principles and Terminology
-
7/25/2019 Achivmt Test Answ2
17/18
1.G
2.D
3.I
4.M
5.O
6.G
7.G
8.K
9.A
10.B
-
7/25/2019 Achivmt Test Answ2
18/18
TEST 2A (Concluded)
top related