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Financial Accounting questions with accurate answers.
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  • Accounting 101

Financial Accounting questions with accurate answers.

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  • August 29, 2024
  • 10
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • financial accounting questions with accurate answe

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  • Accounting 101
  • Accounting 101

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Financial Accounting questions with
accurate answers.

Management of a business enterprise is the major external user of information.

True or False ANS - False



Accounting information is used only by external users with a financial interest in a business enterprise.



True or False ANS - False



haroah's Computer Repair Shop started the year with total assets of $312000 and total liabilities of
$220000. During the year, the business recorded $499000 in computer repair revenues, $312000 in
expenses, and Pharoah paid dividends of $50400. Stockholders' equity at the end of the year was




Entry field with incorrect answer

A $279000.

B $228600.

C $187000.

D $92000. ANS - B ($312000 - $220000) + ($499000 - $312000) - $50400 = $228600.



Credits

A increase both assets and liabilities.

B decrease both assets and equity.

C increase liabilities and decrease assets.

D decrease both assets and liabilities. ANS - C



An account will show a debit balance if the

, A first transaction posted was a debit.

B total of the debit amounts exceeds the credits.

C last transaction posted was a debit.

D number of debits exceeds the number of credits. ANS - B



A credit to a revenue account



A must be accompanied by a debit to an expense account.

B indicates an increase in revenues earned.

C is an error.

D indicates a decrease in revenues earned. ANS - B



Debits



A decrease assets and increase liabilities.

B increase assets and decrease liabilities.

C increase both assets and liabilities.

D decrease both assets and liabilities. ANS - B



The purchase of supplies on account should result in



A a debit to Cash and a credit to Supplies.

B a debit to Accounts Payable and a credit to Supplies.

C a debit to Supplies and a credit to Accounts Payable.

D a debit to Supplies and a credit to Accounts Receivable. ANS - C



The Cash account had a normal balance of $48,000 at the beginning of the month. During the month,
Langdon Company received cash payments from its customers of $22,000 and made cash payments of

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