Exam (elaborations)
FPC Chapter 6 (1).
Exam of 18 pages for the course ASQ: Ch 14- Techniques, Methodologies and Tools Ap at ASQ: Ch 14- Techniques, Methodologies and Tools Ap (FPC Chapter 6 (1).)
[Show more]
Seller
Follow
Content preview
FPC Chapter 6Which of the following transactions is posted as a debit?
A. Decrease in an expense account
B. $1,000.00 lease payment for payroll software, posted to the expense account
C. Increase in a liability account
D. Payroll tax liability of $55,000.00 not deposited, posted to the liability account - ANS-B.
$1,000.00 lease payment for payroll software, posted to the expense account
***Whether you post a transaction as a debit or credit depends on the type of account***
Acct Type Norm Bal Debit Credit
Asset Debit Increase Decrease
Liabilities Credit Decrease Increase
Equity/Capital/Networth Credit Decrease Increase
Income/Revenue Credit Decrease Increase
Expenses Debit Increase Decrease
A journal is:
A. a chronological record of daily transactions.
B. the last place transactions are recorded.
C. a summary of transactions by date.
D. a record of transactions by account. - ANS-A. a chronological record of daily transactions.
***A journal is a chronological record of the daily transactions of a business.***
What document is matched correctly with its use?
A. Balance sheet--Record of business transactions by account
B. Financial statements--Journal and general ledger
C. General ledger--Chronological recording of daily business transactions
D. Journal--First posting of data about a transaction - ANS-D. Journal--First posting of data
about a transaction
*** Information about each transaction is first entered in a journal entry.***
,Which of the following transactions is posted as a debit?
A. A decrease in a liability account
B. A decrease in an expense account
C. An increase in a liability account
D. A decrease in an asset account - ANS-A. A decrease in a liability account
***Whether you post a transaction as a debit or credit depends on the type of account***
Acct Type Norm Bal Debit Credit
Asset Debit Increase Decrease
Liabilities Credit Decrease Increase
Equity/Capital/Networth Credit Decrease Increase
Income/Revenue Credit Decrease Increase
Expenses Debit Increase Decrease
Which of the following journal entries is posted as a debit?
A. $8,000.00 purchase of W-2 forms, posted to expense account
B. $45,000.00 payroll checks issued to employees, posted to the payroll checking account
C. $8,000.00 manual check, posted to the asset account
D. $6,000.00 deducted for medical insurance premiums, posted to the liability account - ANS-A.
$8,000.00 purchase of W-2 forms, posted to expense account
***Whether you post a transaction as a debit or credit depends on the type of account***
Acct Type Norm Bal Debit Credit
Asset Debit Increase Decrease
Liabilities Credit Decrease Increase
Equity/Capital/Networth Credit Decrease Increase
Income/Revenue Credit Decrease Increase
Expenses Debit Increase Decrease
, What document is matched correctly with its use?
A. General ledger--Chronological recording of daily business transactions
B. Cash flow statement--Report of company's net income
C. Income statement--Record of company's assets, liabilities, and net worth
D. Chart of accounts--Listing of all accounts by name and number - ANS-D. Chart of
accounts--Listing of all accounts by name and number
***In most companies, a chart of accounts lists each account by a name and an identification
number. ***
An accounting document containing records of all business transactions by account is defined
as a(n):
A. general ledger.
B. chart of accounts.
C. journal.
D. income statement. - ANS-A. general ledger.
***The general ledger is a record of business transactions posted to each account from the
journal entries.***
Which account is identified correctly?
A. Furniture owned by the company--Liability
B. Cash--Asset
C. Money in a checking account--Expense
D. Taxes withheld but not yet deposited--Asset - ANS-B. Cash--Asset
***Asset accounts:***
Cash: 110
A general ledger is:
A. a record of transactions by account.
B. a summary of transactions by date.
C. a chronological record of daily transactions.
D. the first place transactions are recorded. - ANS-A. a record of transactions by account.
***The general ledger is a record of business transactions posted to each account from the
journal entries.***
What transaction is posted as a debit?
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller lydiaomutho. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for CA$11.13. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
76449 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now