UMUC ACCT301 quiz 1

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1. Of the following account types, which would be increased by a debit?

a. Liabilities and expenses.

b. Assets and equity.

c. Assets and expenses.

d. Equity and revenues.

2. The following comments all relate to the recording process. Which of these statements is correct?

a. The general ledger is a chronological record of transactions.

b. The general ledger is posted from transactions recorded in the general journal.

c. The trial balance provides the primary source document for recording transactions into the general journal.

d. Transposition is the transfer of information from the general journal to the general ledger.

3. The following comments each relate to the recording of journal entries. Which statement is true?

a. For any given journal entry, debits must exceed credits.

b. It is customary to record credits on the left and debits on the right.

c. The chart of accounts reveals the amount to debit and credit to the affected accounts.

d. Journalization is the process of converting transactions and events into debit/credit format.

4. Failure to record the receipt of a utility bill for services already received will result in:

a. An overstatement of assets.

b. An overstatement of liabilities.

c. An overstatement of equity.

d. An understatement of assets.

5. The proper journal entry to record Ransom Company’s billing of clients for $500 of services rendered is:

a. Cash 500

Accounts Receivable 500

b. Accounts Receivable 500

Capital Stock 500

c. Accounts Receivable 500

Service Revenue 500

d. Cash 500

Service Revenue 500

6. The proper journal entry to record $1,000 of Dividends paid by Myer’s Corporation is:

a. Dividends 1,000

Cash 1,000

b. Accounts Payable 1,000

Cash 1,000

c. Dividends Expense 1,000

Cash 1,000

d. Dividends Expense 1,000

Service Revenue 1,000

7. Lynn Lipincott invested land valued at $5,000 in her business. This transaction would be recorded by:

a. Cash 5,000

Capital Stock 5,000

b. Land 5,000

Capital Stock 5,000

c. Land 5,000

Service Revenue 5,000

d. Capital Stock 5,000

Land 5,000

8. The trial balance:

a. Is a formal financial statement.

b. Is used to prove that there are no errors in the journal or ledger.

c. Provides a listing of every account in the chart of accounts.

d. Provides a listing of the balance of each account in active use.

9. Which of the following errors will be disclosed in the preparation of a trial balance?

a. Recording transactions in the wrong account.

b. Duplication of a transaction in the accounting records.

c. Posting only the debit portion of a particular journal entry.

d. Recording the wrong amount for a transaction to both the account debited and the account credited.

10. The basic sequence in the accounting process can best be described as:

a. Transaction, journal entry, source document, ledger account, trial balance.

b. Source document, transaction, ledger account, journal entry, trial balance.

c. Transaction, source document, journal entry, trial balance, ledger account.

d. Transaction, source document, journal entry, ledger account, trial balance.

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