Balances Practices Exam Accounting

PROBLEM 1 – MULTIPLE CHOICE QUESTIONS 1. In arranging transactions, (a) The word account means to increase and the word declare of facts means to decrease. (b) Assets, expenses, and owners drawing accounts be calculateed for increases. (c) Liabilities, revenue, and owners drawing accounts are debited for increases. (d) Assets, expenses, and owners running(a) detonating device accounts are debited for increases. 2. Which of the following combinations of trial balance make outs does non advert a transposition error? (a) $65,470 debit and $64,570 recognise (b) $32,540 debit and $35,420 mention (c) $25,670 debit and $26,670 credit (d) $14,517 debit and $15,471 credit 3. Sara had a jump credit balance of $21,000 in her capital account. At the completion of the period, Saras drawing account had a debit balance of $2,200. On the end-of-period balance sheet, Saras capital balance is $32,000. If Sara contributed an excess $2,000 to the firm during the period, what is the periods sort out income? (a) $12,400 (b) $11,200 (c) $9,000 (d) $10,800 4. Which of the following is not honest of a general volume trial balance? (a) If it balances, it proves that the total debits equal total credits. (b) It facilitates the homework of financial statements. (c) If it balances, it proves that no errors claim been made in arranging transactions.

(d) It will not occur a line an error where the accounts debited and credited are reversed in preserve a particular transaction. 5. During may, Hal social club invoiced customers $5,000 for goods delivered in May and collected $6,000 from customers. Included in the $6,000 was $! d which was an advance for a sales order which would be fill up in June. Hal should report revenue for May of a) $5,000 b) $6,000. c) $4,500. d) $5,500 e) none of the to a higher(prenominal) place 6. The Haul-It carting go with purchased a new hand truck at a cost of $36,000 on July 1, 1996. The truck is estimated to realise a useful life of 6 years and Haul-It Cartage Company does not expect to receive anything when it disposes of...If you want to get a full essay, order it on our website: OrderCustomPaper.com

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