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    Chapter 4 - The Accounting Process

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    sablu khan
    The document summarizes the results of a 10 question multiple choice quiz on chapter 4 of accounting. The student scored 0% by answering all questions incorrectly. The quiz covered topics like where debt accounts decrease, the purpose of the asset side of the balance sheet, how to record a credit sale transaction, the definition of double entry bookkeeping, false statements about account increases and decreases, the order of steps in the accounting process, which accounts have debit balances, and the final stage of the accounting process.

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    Chapter 4 - The Accounting Process

    Uploaded by

    sablu khan
    104 views3 pages
    The document summarizes the results of a 10 question multiple choice quiz on chapter 4 of accounting. The student scored 0% by answering all questions incorrectly. The quiz covered topics like where debt accounts decrease, the purpose of the asset side of the balance sheet, how to record a credit sale transaction, the definition of double entry bookkeeping, false statements about account increases and decreases, the order of steps in the accounting process, which accounts have debit balances, and the final stage of the accounting process.

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    The document summarizes the results of a 10 question multiple choice quiz on chapter 4 of accounting. The student scored 0% by answering all questions incorrectly. The quiz covered topics like where debt accounts decrease, the purpose of the asset side of the balance sheet, how to record a credit sale transaction, the definition of double entry bookkeeping, false statements about account increases and decreases, the order of steps in the accounting process, which accounts have debit balances, and the final stage of the accounting process.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    104 views3 pages

    Chapter 4 - The Accounting Process

    Uploaded by

    sablu khan
    The document summarizes the results of a 10 question multiple choice quiz on chapter 4 of accounting. The student scored 0% by answering all questions incorrectly. The quiz covered topics like where debt accounts decrease, the purpose of the asset side of the balance sheet, how to record a credit sale transaction, the definition of double entry bookkeeping, false statements about account increases and decreases, the order of steps in the accounting process, which accounts have debit balances, and the final stage of the accounting process.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 3

    Name:

    Score:0/10points(0%)

    Chapter4Theaccountingprocess
    MultipleChoice
    Identifythechoicethatbestcompletesthestatementoranswersthequestion.

    1.Wheredoesadebtaccountdecrease?
    a. Onthedebitside
    b. Onthecreditside
    c. Neithera.norb.
    d. Botha.andb.
    ANSWER:A
    Easy
    POINTS: 0/1
    REF:
    page139

    2.Ingeneral,theassetsideofthebalancesheetisdesignedtosummarizebalancesheet
    accountswith:
    a. Creditbalances.
    b. Debitbalances.
    c. Neithera.norb
    d. Botha.andb
    ANSWER:B
    Easy
    POINTS: 0/1
    REF:
    page139

    3.AlfsellsmerchandiseoncredittoBobfor100CU.Howwillthetransactionberecorded
    inAlfsaccountingrecords?
    a. Salesofmerchandise

    b.

    c.

    d.

    |Credit:100
    CustomerBob
    Debit:100|
    Salesofmerchandise
    |Credit:100
    CustomerBob
    |Credit:100
    Salesofmerchandise
    Debit:100|
    CustomerBob
    Debit:100|
    Salesofmerchandise
    Debit:100|
    CustomerBob
    |Credit:100

    ANSWER:A
    Moderate
    POINTS: 0/1
    REF:
    pages139,140


    4.Whichmechanismisentirelybasedonthefundamentalideathateachindividual
    accountingtransactionhastwosides,whicharealwaysbalanced?
    a. Accrualaccounting
    b. Doubleentrybookkeeping
    c. Prudenceprinciple
    d. Cashaccounting
    ANSWER:B
    Easy
    POINTS: 0/1
    REF:
    page141

    5.Whichofthefollowingstatementsisfalse?
    a. Ifyouincreaseanassetaccount,youcouldincreasealiabilityaccount.
    b. Ifyoudecreaseanassetaccount,youcouldincreaseashareholdersequity
    account.
    c. Ifyouincreaseanassetaccount,youcoulddecreaseanassetaccount.
    d. Ifyoudecreaseanassetaccount,youcoulddecreaseashareholdersequity
    account.
    ANSWER:B
    Moderate
    POINTS: 0/1
    REF:
    page141

    6.Eachaccountingtransactionoriginatesina:
    a. Document.
    b. Ledger.
    c. Journal.
    d. Trialbalance.
    ANSWER:A
    Easy
    POINTS: 0/1
    REF:
    page142

    7.Inwhichorderdoesthejournallisttransactions?
    a. Alphabetical
    b. Decreasing
    c. Increasing
    d. Chronological
    ANSWER:D
    Easy
    POINTS: 0/1
    REF:
    page142

    8.Whichofthefollowingaccountsisexpectedtopresentadebitbalance?
    a. Bankoverdrafts
    b. Financialincome
    c. Financialinterest
    d. Bankborrowing
    ANSWER:C
    Moderate

    POINTS: 0/1
    REF:
    page148

    9.Whatisthefinalstageoftheaccountingprocess?
    a. Journal
    b. Financialstatement
    c. Ledger
    d. Trialbalance
    ANSWER:B
    Easy
    POINTS: 0/1
    REF:
    page149

    10.Achartofaccountsisalogicallyorganizedlistofallrecognizedaccountsusedin
    recordingalltransactionsinafirm.
    a. True
    b. False
    ANSWER:A
    Easy
    POINTS: 0/1
    REF:
    page150

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