Question 1 of 20
0.0/ 5.0 Points
Which entry would record the payment of a utility bill?
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A. Debit Utilities Expense; credit Cash
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B. Debit Cash; credit Utilities Expense
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C. Debit Utilities Expense; credit Accounts Payable
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D. Debit Accounts Receivable; credit Utilities Expense
Question 2 of 20
5.0/ 5.0 Points
A business incurred an expense and paid it immediately. To record this transaction,
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A. an expense is debited, and a liability is credited.
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B. an expense is debited, and an asset is credited.
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C. an expense is debited, and Capital is credited.
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D. None of the above
Question 3 of 20
0.0/ 5.0 Points
The purpose of posting is to
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A. list the transactions in chronological order in the journal.
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B. provide an explanation of the transaction.
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C. update the account balances in the ledger.
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D. correct a previous entry.
Question 4 of 20
0.0/ 5.0 Points
The general journal
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A. is the book of original entry.
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B. is the book of final entry.
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C. contains account balances.
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D. is completed after the general ledger.
Question 5 of 20
0.0/ 5.0 Points
The first step of the accounting cycle is to
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A. record journal entries.
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B. post to the ledger.
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C. prepare a trial balance.
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D. analyze business transactions.
Question 6 of 20
0.0/ 5.0 Points
A business provided services to a cash customer. To record this transaction,
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A. an asset is debited, and a liability is credited.
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B. an asset is debited, and a revenue is credited.
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C. an expense is debited, and Capital is credited.
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D. None of the above
Question 7 of 20
0.0/ 5.0 Points
Business transactions are first recorded in the
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A. ledger.
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B. journal.
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C. trial balance.
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D. balance sheet.
Question 8 of 20
5.0/ 5.0 Points
Which of the following is not a financial statement?
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A. Balance sheet
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B. Income statement
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C. Statement of owner’s equity
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D. Trial balance
Question 9 of 20
0.0/ 5.0 Points
Which entry records the owner’s taking cash for personal use?
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A. Debit Wage Expense; credit Cash
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B. Debit Capital; credit Cash
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C. No entry is necessary because the owner owns the cash and the entire business.
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D. Debit Withdrawals; credit Cash
Question 10 of 20
0.0/ 5.0 Points
Posting is performed by transferring information from the journal to the
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A. ledger.
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B. trial balance.
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C. balance sheet.
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D. income statement.
Question 11 of 20
0.0/ 5.0 Points
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