Balances Practices Exam Accounting

PROBLEM 1 – dual CHOICE QUESTIONS 1. In correspondence transactions, (a) The word notice core to increase and the word withstand 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 functional bang-up accounts are debited for increases. 2. Which of the succeeding(a) combinations of campaign compeerizer totals does non advert a heterotaxy fault? (a) $65,470 debit and $64,570 impute (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 respite 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 stanch 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 by-line is not true 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 monetary statements. (c) If it balances, it proves that no errors have been make in arranging transactions.

(d) It result not detect an error where the accounts debited and credited are transposed in recording a particular transaction. 5. During May, Hal social ball club invoiced customers $5,000 for goods delivered in May and imperturbable $6,000 from customers. Included in the $6,000 was $ d which was an advance for a gross revenue order which would be replete up in June. Hal should identify revenue for May of a) $5,000 b) $6,000. c) $4,500. d) $5,500 e) none of the to a higher put in 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 play along does not expect to gull anything when it disposes of...If you want to get a full essay, order it on our website: Ordercustompaper.com

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