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Multiple Choice Quiz
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1
The account used to record increases in owner's equity from the sale of goods or services is
A)the revenue account.
B)the Cash account.
C)the capital account.
D)the drawing account.
2
Which of the following types of accounts normally have debit balances?
A)assets and revenue
B)assets, liabilities, and owner's equity
C)expenses and assets
D)liabilities and owner's equity
3
Which of the following groups contain only accounts that normally have credit balances?
A)Accounts Receivable and Fees Income
B)Salaries Expense and Accounts Payable
C)Fees Income and John Smith, Capital
D)Accounts Payable and Equipment
4
If the trial balance totals are not equal, the error may have been caused by a transposition if the difference is divisible by
A)2.
B)7.
C)9.
D)5.
5
When the trial balance totals are not equal, the error may have been caused by recording a debit as a credit if the difference is divisible by
A)2.
B)7.
C)9.
D)5.
6
Which of the following increase owner's equity?
A)expenses
B)revenue
C)withdrawals
D)receiving cash from customers
7
If assets are numbered from 100-199, which of the following accounts would not be given a number in the 100 series?
A)Supplies
B)Accounts Payable
C)Prepaid Rent
D)Accounts Receivable
8
Which of the following accounts is not a permanent account?
A)Cash
B)Accounts Payable
C)Salaries Expense
D)Thomas Bernard, Capital
9
The net income or net loss from the income statement is transferred to the
A)balance sheet.
B)chart of accounts.
C)statement of owner's equity.
D)trial balance.
10
The normal balance of an account is the
A)increase side of the account
B)decrease side of the account
C)the left side of the account
D)the right side of the account





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