Business Accounting 7

Course Business 7 Sec EN1 (30676) Spring 2013

Test Chapter 4 Quiz

Started 3/8/13 10:31 PM

Submitted 3/8/13 10:55 PM

Status Completed

Score 8 out of 10 points

Time Elapsed 24 minutes out of 4 second out of 30 minutes.

Instructions

• Question 1

1 out of 1 points

Which of the following statements is not correct?

Answer

Selected Answer:

The credit portion of a general journal entry is always recorded first.

Correct Answer:

The credit portion of a general journal entry is always recorded first.

• Question 2

1 out of 1 points

When an entry is made in the general journal,

Answer

Selected Answer:

the accounts to be credited should be indented.

Correct Answer:

the accounts to be credited should be indented.

• Question 3

1 out of 1 points

When an entry is made in the general journal,

Answer

Selected Answer:

accounts to be debited should be listed first.

Correct Answer:

accounts to be debited should be listed first.

• Question 4

1 out of 1 points

The journal entry to record the sale of services on credit should include

Answer

Selected Answer:

a debit to Accounts Receivable and a credit to Fees Income.

Correct Answer:

a debit to Accounts Receivable and a credit to Fees Income.

• Question 5

0 out of 1 points

If a transaction is properly analyzed and recorded,

Answer

Selected Answer:

one account balance will increase and another will decrease.

Correct Answer:

the total amount debited will equal the total amount credited.

• Question 6

1 out of 1 points

The journal entry to record the payment of a monthly utility bill would include

Answer

Selected Answer:

a debit to Utilities Expense and a credit to Cash.

Correct Answer:

a debit to Utilities Expense and a credit to Cash.

• Question 7

0 out of 1 points

The journal entry to record the performance of services for cash would...