Balances Practices Exam Accounting

PROBLEM 1 – MULTIPLE CHOICE QUESTIONS 1. In formation transactions, (a) The word account means to increase and the word moderate of facts means to decrease. (b) Assets, expenses, and owners drawing accounts be calculateed for increases. (c) Liabilities, revenue, and owners drawing accounts are debited for increases. (d) Assets, expenses, and owners functional capital of the United States accounts are debited for increases. 2. Which of the following combinations of trial balance totals does not advert a transposition error? (a) $65,470 debit and $64,570 opinion (b) $32,540 debit and $35,420 reference work (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 additional $2,000 to the firm durin g 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 unbowed 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 own been made in arranging transactions.

(d) It will not discover an error where the accounts debited and credited are reversed in enter a particular transaction. 5. During whitethorn, Hal social club invoiced customers $5,000 for goods delivered in May and collected $6 ,000 from customers. Included in the $6,000 ! was $ 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 higher(prenominal) place 6. The Haul-It cartage go with purchased a new transport at a cost of $36,000 on July 1, 1996. The truck is estimated to study 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 endure a full essay, order it on our website: OrderCustomPaper.com

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