COLELEGE ACCOUNTING THE AUTHOR OF THE BOOK IS: Mc GRAW-HILL The questions are from quiz nr.3 Question 1 of 20 5.0/ 5.0 Points The Accounts Payable account is: A. an expense and it has a normal credit balance. B. a liability and it has a normal debit balance. C. a revenue and it has a normal debit balance. D. a liability and it has a normal credit balanceQuestion 2 of 20 0.0/ 5.0 Points The business provided services to a cash customer. To record this: A. an expense is debited and Capital is credited. B. an asset is debited and a revenue is credited. C. an asset is debited and a liability is credited. D. None of these are correct Question 3 of 20 5.0/ 5.0 Points The beginning balance in the Computers account was $2000. The company purchased an additional $1000 worth of computers. The balance in the account is: A. credit of $2000. B. debit of $2000. C. debit of $3000. D. credit of $3000 Question 4 of 20 5.0/ 5.0 Points A compound entry is: A. found on the income statement. B. a transaction involving more than one debit and/or credit. C. the same as the chart of accounts. D. used to prepare the trial balance Question 5 of 20 0.0/ 5.0 Points Carrie flew to San Francisco on a business trip. The purchase price of the ticket was $422 and it was bought on account. The entry to record the transaction is: A. debit Travel Expense $422; credit Cash $422. B. debit Capital $422; credit Accounts Payable $422. C. debit Accounts Payable $422; credit Travel Expense $422. D. debit Travel Expense $422; credit Accounts Payable $422 Question 6 of 20 0.0/ 5.0 Points A credit may signify a(n): A. increase in capital. B. increase in withdrawals. C. increase in assets. D. decrease in liabilities Question 7 of 20 5.0/ 5.0 Points A credit to an asset account was posted to the Capital account. This error would cause: A. liabilities to be overstated. B. assets to be overstated. C. Capital to be understated. D. Both A and C are correct Question 8 of 20 0.0/ 5.0 Points Accounts Receivable has a normal balance of $1100. After collecting $800 the balance in the account is: A. credit $1900. B. credit $300. C. debit $1900. D. debit $300 Question 9 of 20 0.0/ 5.0 Points A debit to an asset account was posted to a liability account. This error would cause: A. capital to be overstated. B. assets to be understated. C. liabilities to be overstated. D. None of the above are correct Question 10 of 20 0.0/ 5.0 Points Which of the following types of accounts has a normal debit balance? A. Assets B. Expenses C. Withdrawals D. All of these answers are correct
