66. Which of the following accounts is increased with a credit? A. Office Supplies B. Unearned…

66. Which of the following accounts is increased with a credit? A. Office Supplies B. Unearned…

66. Which
of the following accounts is increased with a credit?
A. Office Supplies
B. Unearned Revenue
C. Land
D. Prepaid Insurance

67. Which
pair of accounts follows the rules of debit and credit in the same
manner?
A. Service Revenue and Equipment
B. Land and Withdrawals
C. Notes Payable and Buildings
D. Wages Expense and Service Revenue

68. Which
pair of accounts follows the rules of debit and credit in the opposite
manner?
A. Prepaid Insurance and Withdrawals
B. Advertising Expense and Land
C. Withdrawals and Service Revenue
D. Interest Payable and Owner’s Capital

69. The
double-entry system
A. requires that each transaction be recorded with at least one debit and
one credit.
B. requires that the total amount of the debits must always equal the
total amount of the credits.
C. is based on the principle of duality.
D. All of these choices.

70. Which
of the following accounts is not shown on the Statement of Owner’s
Equity?
A. Owner’s Capital
B. Revenues
C. Expenses
D. Withdrawals

71. Which
of the following is the final step in the accounting cycle?
A. Prepare financial statements.
B. Close the accounts.
C. Prepare and adjusted trial balance.
D. Post the journal entries to the ledger.

72. Which
of the following is the first step in the accounting cycle?
A. Prepare financial statements.
B. Analyzebusiness transactions from source documents.
C. Prepare and adjusted trial balance.
D. Post the journal entries to the ledger.

73. The
withdrawal of cash by the owner will
A. decrease net income.
B. increase liabilities.
C. not affect total assets.
D. decrease owner’s equity.

74. A
company records a transaction in which six months’ rent is paid in advance.
Which of the following journal entries records the transaction?
A. Prepaid Rent – Debit; Cash – Credit
B. Rent Receivable – Debit; Cash – Credit
C. Rent Revenue – Debit; Cash – Credit
D. Rent Expense– Debit; Cash – Credit.

75. Receiving
cash from a customer for settlement of an Accounts Receivable will
A. decrease Owner’s Equity.
B. increase net income.
C. increase total assets.
D. not affect total assets.

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