Q1. Which of the following least accurately describes a correct use of double-entry accounting? A) A transaction may be recorded in more than two accounts. B) A decrease in a liability account may be balanced by a decrease in another liability account. C) An increase in an asset account may be balanced by an increase in an owner’s equity account.
Q2. The purchase of equipment for $25,000 cash is most likely to be recorded as: A) an increase in an asset account and an increase in a liability account. B) an increase in one asset account and a decrease in another asset account. C) an increase in two asset accounts.
Q3. Washburn Motors signs a contract to sell a $100,000 luxury sedan to be delivered next month, and receives a $20,000 cash down payment from the buyer. How will the transaction most likely affect Washburn’s assets and liabilities? Assets Liabilities A) Unchanged Unchanged B) Increase Increase C) Increase Unchanged
Q4. A furniture store acquires a set of chairs for $750 cash and sells them for $1000 cash. These transactions are most likely to affect which accounts? Purchase Sale
A) Assets only Assets, revenue, expenses, owners' equity B) Assets only Assets and revenues only C) Assets and expenses Assets, revenue, expenses, owners' equity
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发表于 2009-1-16 09:38
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