GRAD 500 QUIZ 9 Question 1 1. On a trial balance, if the Debit and Credit column totals are equal, then: All transactions have been recorded correctly. All ledger account

GRAD 500 QUIZ 9 Question 1 1. On a trial balance, if the Debit and Credit column totals are equal, then: All transactions have been recorded correctly. All ledger account balances are correct. Equal debits and credits have been recorded for transactions. The balance sheet would be correct. 10 points Question 2 1. The accounting principle that requires transactions be recorded at actual cash or cash equivalent is the: Accounting equation. Cost principle. Going-concern assumption. Economic entity assumption. 10 points Question 3 1. Which of the following best describes the right side of a T-account? Debit. Increase. Credit. Decrease. 10 points Question 4 1. All of the following require an adjusting entry at the end of the period with the exception of Supplies used during the period. Cash invested by owner. Accrued wages. Expired portion of prepaid insurance. 10 points Question 5 1. The income statement includes a summary of all the following items for a specific period of time except Sales Interest Income Owners’ equity Expenses 10 points Question 6 1. The accounting principle that requires each business to be accounted for separately from owners and other business entities is the: Time-period assumption. Economic entity assumption. Going-concern assumption. Cost principle. Business entity principle. 10 points Question 7 1. The steps in the recording process include all of the following except Analyze each transaction. Enter the transaction in the general journal. Post to the accounting equation Post the transaction in the general ledger. 10 points Question 8 1. A purchase of equipment on account affects the components of the accounting equation in the following way: Decrease in an asset and an increase in owners’ equity Increase in an asset and an increase in a liability Decrease in a liability and an increase in owners’ equity Increase in an asset and an increase in owners’ equity 10 points Question 9 1. An adjusting entry could be made for each of the following except: Prepaid expenses. Owner’s investment Unearned revenues. Accrued expenses. 10 points Question 10 1. Transactions are first recorded in the General ledger. General journal. Trial balance. Accounting equation

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