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1

Debits are:
A)Always on the left side of an account
B)Always on the right side of an account
C)On the right for assets and on the left for liabilities
D)Sometimes on the right and sometimes on the left, depending upon the account
2

Credits are:
A)Always on the left side of an account
B)Always on the right side of an account
C)On the right for assets and on the left for liabilities
D)Sometimes on the right and sometimes on the left, depending upon the account
3

When an asset is increased:
A)The account should always be debited
B)The account should always be credited
C)The asset should be debited only when cash was used to pay for it
D)The account should normally be debited, but under certain situations may be credited
4

When making a general journal entry, debits should equal credits:
A)Always
B)Never
C)Sometimes
D)Only when there is no gain or no loss
5

The correct journal entry to record the purchase of equipment on account is
A)
Cash    xxxx
Equipment   xxxx
B)
Equipment    xxxx
Accounts Payable   xxxx
C)
Equipment    xxxx
Cash   xxxx
D)
Accounts Payable    xxxx
Cash   xxxx
6

The correct journal entry to record the payment of the purchase of equipment made on account is
A)
Cash    xxxx
Equipment   xxxx
B)
Equipment    xxxx
Accounts Payable   xxxx
C)
Equipment    xxxx
Cash   xxxx
D)
Accounts Payable    xxxx
Cash   xxxx
7

If the trial balance does not balance:
A)There is net income
B)There is a net loss
C)There may be net income or a net loss depending which is greater, debits or credits
D)There is a mistake
8

The order in which accounts appear on the trial balance is:
A)Alphabetical
B)Debits first
C)Credits first
D)The order in which order they appear in the ledger
9

Which of the following is not an expense?
A)Salaries paid
B)Accounts payable
C)Advertising
D)Income taxes
10

Business transactions are first recorded in:
A)The trial balance
B)The financial statements
C)The general journal
D)The ledger





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