MCA TEST EXAM QUESTIONS AND
ANSWERS (VERIFIED AND UPDATED)
A check deposited to the bank for payment of an agent's bill (from the market center) is a _____
to "Accounts Receivable- Agents" - ANS Credit (CR)
Recording depreciation affects the accounts below. Please select the appropriate debit(DR) and
credit(CR) - ANS (DR) Depreciation Expense
(CR) Accumulated Depreciation
Accumulated Interest - ANS goes up annually until you sell it
When the proceeds from a loan are received, the entry to "notes payable" is a __________. -
ANS Credit (CR)
A check deposited to the bank for payment of an agent's bill (from the market center) is a _____
to "cash- operating account" - ANS Debit (DR)
Items were returned to the vendor. The vendor them issued a credit memo for $55 prior to the
invoice being paid. The entry should be recorded as __________ - ANS (DR) Accounts Payable
55
(CR) Supplies 55
Which of the following would be a Debit (DR) on the balance sheet? - ANS Prepaid Expense -
office lease
@2026/2027 ALLRIGHTS RESERVED.
, Which of the following would be a (CR) on the balance sheet? - ANS Common Stock
When you receive the payment from the agent for the $40 copier invoice the entry should be
recorded as - ANS DR Cash- operating
CR Accounts Receivable
Which of the following are NOT on the Income Statement? - ANS Cash
Notes Payable
Which of the following would be a Debit (DR) on the Income Statement? - ANS Insurance
Expense
Which of the following would be a credit on the Income Statement? - ANS Other income-
Rent
A refund check issued to an agent for the amount he overpaid for his office rent is a ______ to
"other income- rent" and a _______ to "cash- operating" account - ANS Debit
Credit
Which of the following would be a Debit (DR) on the balance sheet? -
ANS Distribution/Dividend
Which of the following would be a Credit (CR) on the balance sheet? - ANS Accumulated
Depreciation
Upon receipt of a vendor's invoice ($100) for the purchase of for sale signs, an entry should be
made in ______________ - ANS Purchases
@2026/2027 ALLRIGHTS RESERVED.
ANSWERS (VERIFIED AND UPDATED)
A check deposited to the bank for payment of an agent's bill (from the market center) is a _____
to "Accounts Receivable- Agents" - ANS Credit (CR)
Recording depreciation affects the accounts below. Please select the appropriate debit(DR) and
credit(CR) - ANS (DR) Depreciation Expense
(CR) Accumulated Depreciation
Accumulated Interest - ANS goes up annually until you sell it
When the proceeds from a loan are received, the entry to "notes payable" is a __________. -
ANS Credit (CR)
A check deposited to the bank for payment of an agent's bill (from the market center) is a _____
to "cash- operating account" - ANS Debit (DR)
Items were returned to the vendor. The vendor them issued a credit memo for $55 prior to the
invoice being paid. The entry should be recorded as __________ - ANS (DR) Accounts Payable
55
(CR) Supplies 55
Which of the following would be a Debit (DR) on the balance sheet? - ANS Prepaid Expense -
office lease
@2026/2027 ALLRIGHTS RESERVED.
, Which of the following would be a (CR) on the balance sheet? - ANS Common Stock
When you receive the payment from the agent for the $40 copier invoice the entry should be
recorded as - ANS DR Cash- operating
CR Accounts Receivable
Which of the following are NOT on the Income Statement? - ANS Cash
Notes Payable
Which of the following would be a Debit (DR) on the Income Statement? - ANS Insurance
Expense
Which of the following would be a credit on the Income Statement? - ANS Other income-
Rent
A refund check issued to an agent for the amount he overpaid for his office rent is a ______ to
"other income- rent" and a _______ to "cash- operating" account - ANS Debit
Credit
Which of the following would be a Debit (DR) on the balance sheet? -
ANS Distribution/Dividend
Which of the following would be a Credit (CR) on the balance sheet? - ANS Accumulated
Depreciation
Upon receipt of a vendor's invoice ($100) for the purchase of for sale signs, an entry should be
made in ______________ - ANS Purchases
@2026/2027 ALLRIGHTS RESERVED.
