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10/30/2015

TheAceStudent:BAM110/BAM110Unit1Exam(A+++++)

BAM110/BAM110Unit1Exam(A+++++)
BAM110/BAM110Unit1Exam(A+++++)
1.Thetypeofbusinessorganizationthatcancontinueindefinitelyisknownasa:
a.soleproprietorship
b.partnership
c.corporation
d.Noneoftheabove.
2.Thepurposeoftheaccountingprocessistoprovidefinancialinformationabout:
a.soleproprietorships
b.smallbusinesses
c.largecorporations
d.Alloftheabove.
3.Thecashpurchaseofatruckwasrecordedasapurchaseoncredit.Duetothiserror:
a.assetswereoverstated
b.liabilitieswereoverstated
c.answersaandbarebothcorrect
d.Noneoftheabove.
4.Whichofthefollowingwouldcauseoneassettoincreaseandanotherassettodecrease?
a.Theownerinvestedcashinthebusiness.
b.Thebusinesspaidacreditor.
c.Thebusinessincurredanexpenseoncredit.
d.Thebusinessboughtsuppliesforcash.
5.Whichaccountsareaffectedwhenthecompanybuyssuppliesonaccount?
a.assetsandcapital
b.liabilitiesandcapital
c.assetsandliabilities
d.Noneoftheabove.
6.Whichaccountsareaffectedwhenthecompanyprovidesservicestoacashcustomer?
a.assetsandcapital
b.liabilitiesandcapital
c.assetsandrevenue
d.Noneoftheabove.
7.Whichaccountsareaffectedwhentheownerwithdrawscashfromthebusiness?
a.assetsandwithdrawals
b.liabilitiesandcapital
c.assetsandliabilities
d.Noneoftheabove.
8.Achartofaccounts:
a.issetupinalphabeticalorder
b.includesaccountbalances
c.isalistingofalltheaccountsusedbyacompany
d.Alloftheabove.
9.Accountspayablehadanormalstartingbalanceof$800.Thereweredebitpostingsof$600and
creditpostingsof$300duringthemonth.Theendingbalanceis:
a.$500debit
b.$1,000debit
c.$500credit
d.$1,000credit
10.Thebeginningbalanceinthecomputersaccountwas$2,000.Thecompanypurchasedan
additional$1000worthofcomputers.Thebalanceintheaccountis:
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10/30/2015

TheAceStudent:BAM110/BAM110Unit1Exam(A+++++)

a.debitof$2,000
b.creditof$3,000
c.debitof$3,000
d.creditof$2,000
11.Alistofalltheaccountsfromtheledgerwiththeirendingbalancesiscalleda:
a.normalbalance
b.trialbalance
c.chartofaccounts
d.footing
12.Whichofthefollowingispreparedfirst?
a.balancesheet
b.incomestatement
c.statementofownersequity
d.trialbalance
13.Whichtypeofaccountwouldnotbereportedontheincomestatement?
a.revenue
b.expenses
c.liabilities
d.Noneoftheabove.
14.Theleftcolumnofafinancialstatementisoftenusedto:
a.subtotalnumbers
b.showcredits
c.showtotals
d.showdebits
15.Thebeginningcapitalaccountwouldappearonwhichfinancialstatement?
a.statementofownersequity
b.balancesheet
c.incomestatement
d.Noneoftheabove.
16.Theincomestatementcontains:
a.liabilities
b.revenues
c.assets
d.Bothbandcarecorrect.
17.Netincomeornetlossforaperiodiscalculatedbywhichofthefollowingformula?
a.totalrevenuestotalwithdrawals
b.totalrevenuestotalexpensestotalwithdrawals
c.totalrevenuestotalexpenses
d.totalrevenuestotalexpenses+capital
18.Theprocessthatbeginswithrecordingbusinesstransactionsandincludesthecompletionof
thefinancialstatementsisthe:
a.calendaryear
b.naturalbusinessyears
c.fiscalyear
d.accountingcycle
19.Thetwelvemonthperiodabusinesschoosesforitsaccountingperiodisa(n):
a.calendaryear
b.accountingperiod
c.fiscalyear
d.accountingcycle
20.Ifcashhasbeendebited,itislikelythat:
a.theownermadeaninvestment
b.achargecustomermadeapayment
c.thebusinessborrowedcashfromthebank
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TheAceStudent:BAM110/BAM110Unit1Exam(A+++++)

d.Alloftheabove.
21.Ifprepaidrenthasbeendebited,itislikelythat:
a.therentwaspaidforthreemonthsinadvance
b.abillforthepastmonthsrentwasreceived
c.thismonthsrentwaspaid
d.Alloftheabove.
22.Proofthatthedollaramountofthedebitsequalsthedollaramountofthecreditsintheledger
means:
a.alloftheinformationfromthejournalwascorrectlytransferredtotheledger
b.allaccountshavetheircorrectbalancesintheledger
c.onlytheledgerisaccuratethejournalmaybeincorrect
d.onlythatthedebitdollaramountsequalthecreditdollaramounts
23.InpreparingthetrialbalanceoftheK&LsBridalService,thewithdrawalaccount(whichhada
normalbalanceinthegeneralledger)waslistedasacreditfor$400.Whatwillbethedifference
betweenthedebitandcreditsidesofthetrialbalance?
a.$150
b.$200
c.$300
d.$800
24.Thetrialbalance:
a.includesallaccountswithabalanceintheledger
b.includesassets,liabilities,capital,withdrawals,revenuesandexpenses
c.ensuresthatdebitsequalcredits
d.Alloftheabove.
25)Theproperformatforajournalentryincludesallofthefollowing,except:
a.thetotalamountsofdebitsmustequalthetotalamountofcredits
b.skipalinebetweentransactions
c.thecreditportionofthetransactionisalwaysfirst
d.listedinchronologicalorder
BAM110/BAM110Unit1Exam(A+++++)

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