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Exam 2: Analyzing Transactions

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Question 91

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Which of the following groups of accounts are increased with a debit?

A) assets, liabilities, stockholders' equity
B) assets, dividends, expenses
C) assets, revenues, expenses
D) assets, liabilities, revenues

E) C) and D)
F) B) and C)

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Question 92

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Journalizing always eliminates fraudulent activity.

A) True
B) False

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Question 93

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The chart of accounts should be the same for each business.

To determine the balance in an account, always subtract credits from debits.

Which of the following entries records the acquisition of office supplies on account?

Journalizing transactions using the double-entry bookkeeping system will eliminate fraud.

A debit signifies a decrease in

Several transactions are listed below, with the accounting equation stated to the right side of each. Use the following identification codes to indicate the effects of each transaction on the accounting equation. Write your answers in the space provided under the accounting equation. You need an identification code for each element of the accounting equation. An example is given before the first transaction.

The recording of cash receipts to the cash account will be done by debiting the account.

Match each of the following accounts with its proper account group from groups listed below.​ -Prepaid Insurance A)Assets B)Liabilities C)Stockholders' Equity D)Revenue E)Expenses

Faso Fabricating, Inc. and Spinoza Fabrication Corp. are in the same industry and are located in the same region of the country. They have condensed income statements as shown. Using horizontal analysis, calculate the percent change for net income for each company. Round percentages to one decimal place.

Which of the following entries records the receipt of cash for two months' rent? The cash was received in advance of providing the service.

Which of the following is true about T accounts?

Accounts are records of increases and decreases in individual accounting equation elements.

A transaction that is recorded in the journal is called a journal entry.

The order of the flow of accounting data is (1) record in the ledger, (2) record in the journal, (3) prepare the financial statements.

Prepare a trial balance, listing the following accounts in proper sequence. The accounts (all normal balances) were taken from the ledger of Sophie Designs Co. on April 30.

Expense accounts are increased by credits.

Below is the unadjusted trial balance for Dawson Designs.REQUIRED: (1) Identify the errors in the trial balance. All accounts have normal balances.(2) Prepare a corrected trial balance.

The trial balance is out of balance and the accountant suspects that a transposition or slide error has occurred. What will the accountant do to confirm this suspicion?