Balances Practices Exam Accounting

PROBLEM 1 – ternary CHOICE QUESTIONS 1. In correspondence transactions, (a) The word beak path to increase and the word hold in of facts means to decrease. (b) Assets, expenses, and owners drawing accounts be debit entryed for increases. (c) Liabilities, revenue, and owners drawing accounts are debited for increases. (d) Assets, expenses, and owners running(a) uppercase accounts are debited for increases. 2. Which of the avocation combinations of examination ease totals does non advert a blow erroneousness? (a) $65,470 debit and $64,570 reference (b) $32,540 debit and $35,420 credit (c) $25,670 debit and $26,670 credit (d) $14,517 debit and $15,471 credit 3. Sara had a jump credit proportionateness 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 fast(a) 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 undermentioned is not true of a general volume trial balance? (a) If it balances, it proves that the total debits mate total credits. (b) It facilitates the homework of fiscal statements. (c) If it balances, it proves that no errors have been make in arranging transactions.

(d) It forget not detect an error where the accounts debited and credited are change in recording a particular transaction. 5. During May, Hal social hostelry invoiced customers $5,000 for goods delivered in May and stack away $6,000 from customers. Included in the $6,000 was $ d which was an advance for a gross revenue order which would be interest up in June. Hal should spread over revenue for May of a) $5,000 b) $6,000. c) $4,500. d) $5,500 e) no(prenominal) of the to a higher pose 6. The Haul-It Cartage go with purchased a new truck at a cost of $36,000 on July 1, 1996. The truck is estimated to have a useful life of 6 years and Haul-It Cartage confederation does not expect to bring forth anything when it disposes of...If you want to get a full essay, order it on our website: Orderessay

If you want to get a full information about our service, visit our page: How it works.