,DOWNLOAD THE Test Bank for College Accounting Practica Approach 13th F
Edition Slater
College Accounting, 13Ce (Slater)
Chapter 2 Debits and Credits: Analyzing and Recording Business Transactions
2.1 Recording transactions in T accounts according to the rules of debit and credit. F F F F F F F F F F F
1) One of the following statements does not help to explain the design of a T account:
F F F F F F F F F F F F F F F
A) The account has a balance.
F F F F
B) The account has a left side.
F F F F F
C) The account has a right side.
F F F F F
D) The account has a title.
F F F F F
Answer: A F
Diff: 2 Type:
F F
MC Objective: 2-1
F F
2) When speaking of the Standard Account Form, it is TRUE to say that
F F F F F F F F F F F F
A) It is widely used in business records today.
F F F F F F F
B) The form has no room for indicating either a debit or a credit.
F F F F F F F F F F F F
C) There is no Date column included in this form.
F F F F F F F F
D) All of a company's accounts together form a ledger.
F F F F F F F F F
Answer: D F
Diff: 2 Type:
F F
MC Objective: 2-1
F F
3) Which of these statements about T accounts is FALSE?
F F F F F F F F
A) They are used mainly in classroom demonstrations.
F F F F F F
B) They have both a left side and a right side.
F F F F F F F F F
C) They are used extensively in computer accounting.
F F F F F F
D) Each account has a normal balance which is either a debit or a credit.
F F F F F F F F F F F F F F
Answer: C F
Diff: 1 Type:
F F
MC Objective: 2-1
F F
4) What device is used to record the increases and decreases caused by business transactions to
F F F F F F F F F F F F F F F
individual assets, liabilities, and owner's equity?
F F F F F
A) Chart of accounts F F
B) Account
C) Trial Balance F
D) Footings
FAnswer: F
B
Diff: 1 Type:
F F
MC Objective: 2-1
F F
,DOWNLOAD THE Test Bank for College Accounting Practical Approach 13th
F F F F F F F F F F
Edition Slater F
5) An account had a starting debit balance of $350. There were debit postings of $400 and credit postings
F F F F F F F F F F F F F F F F F F
of $200 during the month. The ending balance is
F F F F F F F F
A) $550 debit. F
B) $450 credit. F
C) $950 debit. F
D) $200 F
debit. F
Answer: A F
Diff: 2 Type: F F
MC Objective: 2-1
F F
6) The word "debit" comes from which language?
F F F F F F
A) Latin
B) French
C) Italian
D) Norsk F
Answer: A F
Diff: 1 Type: F F
MC Objective: 2-1
F F
7) With respect to the balancing of an account, which one of these statements is FALSE?
F F F F F F F F F F F F F F
A) If the total on the credit side was the larger, the balance is a credit.
F F F F F F F F F F F F F F
B) Dollar signs are always used to designate a balance amount.
F F F F F F F F F
C) Footings of each side of the account are needed to determine the balance.
F F F F F F F F F F F F
D) If the total on the debit side was the larger, the balance is a debit.
F F F F F F F F F F F F F F F
Answer: B F
Diff: 1 Type: F F
MC Objective: 2-1
F F
8) Accounts Receivable had a normal starting balance of $1000. There were debit postings of $800 and
F F F F F F F F F F F F F F F F
credit postings of $400 during the month. The ending balance is
F F F F F F F F F F
A) $600 credit. F
B) $1,400 debit. F
C) $2,200 debit. F
D) $1,400 credit. F
Answer: B F
Diff: 2 Type: F F
MC Objective: 2-2
F F
9) An account had a $500 credit starting balance. There were debit postings of $400 and credit postings of
F F F F F F F F F F F F F F F F F
$150 during the month. The ending balance is
F F F F F F F
A) $250 credit. F
B) $750 debit. F
C) $1050 credit. F
D) $150 credit. F F
Answer: A F
Diff: 2 Type: F F
MC Objective: 2-1
F F
, DOWNLOAD THE Test Bank for College Accounting Practical Approach 13th
F F F F F F F F F F
Edition Slater F
10) The beginning balance in the Computers account was $2,500. The company purchased an additional
F F F F F F F F F F F F F
$500 worth of computers. The balance in the account is
F F F F F F F F F
A) debit of $2,000. F F
B) credit of $3,000. F F
C) debit of $3,000. F F
D) credit of $2,000. F F F
Answer: C F
Diff: 1 Type:
F F
MC Objective: 2-2
F F
11) Cash had a normal starting balance of $600. There were debit postings of $200 and credit postings of
F F F F F F F F F F F F F F F F F
$300 during the month. The ending balance is
F F F F F F F
A) $500 credit. F
B) $1,100 debit. F
C) $500 debit. F
D) $1,100 credit. F
Answer: C F
Diff: 2 Type:
F F
MC Objective: 2-2
F F
12) Cash increases on the debit side of the account.
F F F F F F F F F
Answer: TRUE F
Diff: 1 Type:
F F
TF Objective: 2-2
F F
13) Revenues are recorded when earned. F F F F F
Answer: TRUE F
Diff: 1 Type:
F F
TF Objective: 2-2
F F
14) A chart of accounts is a listing of the accounts and their ending balances.
F F F F F F F F F F F F F F
Answer: FALSE F
Diff: 1 Type:
F F
TF Objective: 2-1
F F
15) Revenue increases on the debit side of the account.
F F F F F F F F F
Answer: FALSE F
Diff: 1 Type:
F F
TF Objective: 2-2
F F
16) Accounts Payable increases on the credit side of the account.
F F F F F F F F F F
Answer: TRUE F
Diff: 1 Type:
F F
TF Objective: 2-2
F F
17) Withdrawals increases on the debit side of the account. F F F F F F F F F
Answer: TRUE F
Diff: 2 Type:
F F
TF Objective: 2-2
F F
Edition Slater
College Accounting, 13Ce (Slater)
Chapter 2 Debits and Credits: Analyzing and Recording Business Transactions
2.1 Recording transactions in T accounts according to the rules of debit and credit. F F F F F F F F F F F
1) One of the following statements does not help to explain the design of a T account:
F F F F F F F F F F F F F F F
A) The account has a balance.
F F F F
B) The account has a left side.
F F F F F
C) The account has a right side.
F F F F F
D) The account has a title.
F F F F F
Answer: A F
Diff: 2 Type:
F F
MC Objective: 2-1
F F
2) When speaking of the Standard Account Form, it is TRUE to say that
F F F F F F F F F F F F
A) It is widely used in business records today.
F F F F F F F
B) The form has no room for indicating either a debit or a credit.
F F F F F F F F F F F F
C) There is no Date column included in this form.
F F F F F F F F
D) All of a company's accounts together form a ledger.
F F F F F F F F F
Answer: D F
Diff: 2 Type:
F F
MC Objective: 2-1
F F
3) Which of these statements about T accounts is FALSE?
F F F F F F F F
A) They are used mainly in classroom demonstrations.
F F F F F F
B) They have both a left side and a right side.
F F F F F F F F F
C) They are used extensively in computer accounting.
F F F F F F
D) Each account has a normal balance which is either a debit or a credit.
F F F F F F F F F F F F F F
Answer: C F
Diff: 1 Type:
F F
MC Objective: 2-1
F F
4) What device is used to record the increases and decreases caused by business transactions to
F F F F F F F F F F F F F F F
individual assets, liabilities, and owner's equity?
F F F F F
A) Chart of accounts F F
B) Account
C) Trial Balance F
D) Footings
FAnswer: F
B
Diff: 1 Type:
F F
MC Objective: 2-1
F F
,DOWNLOAD THE Test Bank for College Accounting Practical Approach 13th
F F F F F F F F F F
Edition Slater F
5) An account had a starting debit balance of $350. There were debit postings of $400 and credit postings
F F F F F F F F F F F F F F F F F F
of $200 during the month. The ending balance is
F F F F F F F F
A) $550 debit. F
B) $450 credit. F
C) $950 debit. F
D) $200 F
debit. F
Answer: A F
Diff: 2 Type: F F
MC Objective: 2-1
F F
6) The word "debit" comes from which language?
F F F F F F
A) Latin
B) French
C) Italian
D) Norsk F
Answer: A F
Diff: 1 Type: F F
MC Objective: 2-1
F F
7) With respect to the balancing of an account, which one of these statements is FALSE?
F F F F F F F F F F F F F F
A) If the total on the credit side was the larger, the balance is a credit.
F F F F F F F F F F F F F F
B) Dollar signs are always used to designate a balance amount.
F F F F F F F F F
C) Footings of each side of the account are needed to determine the balance.
F F F F F F F F F F F F
D) If the total on the debit side was the larger, the balance is a debit.
F F F F F F F F F F F F F F F
Answer: B F
Diff: 1 Type: F F
MC Objective: 2-1
F F
8) Accounts Receivable had a normal starting balance of $1000. There were debit postings of $800 and
F F F F F F F F F F F F F F F F
credit postings of $400 during the month. The ending balance is
F F F F F F F F F F
A) $600 credit. F
B) $1,400 debit. F
C) $2,200 debit. F
D) $1,400 credit. F
Answer: B F
Diff: 2 Type: F F
MC Objective: 2-2
F F
9) An account had a $500 credit starting balance. There were debit postings of $400 and credit postings of
F F F F F F F F F F F F F F F F F
$150 during the month. The ending balance is
F F F F F F F
A) $250 credit. F
B) $750 debit. F
C) $1050 credit. F
D) $150 credit. F F
Answer: A F
Diff: 2 Type: F F
MC Objective: 2-1
F F
, DOWNLOAD THE Test Bank for College Accounting Practical Approach 13th
F F F F F F F F F F
Edition Slater F
10) The beginning balance in the Computers account was $2,500. The company purchased an additional
F F F F F F F F F F F F F
$500 worth of computers. The balance in the account is
F F F F F F F F F
A) debit of $2,000. F F
B) credit of $3,000. F F
C) debit of $3,000. F F
D) credit of $2,000. F F F
Answer: C F
Diff: 1 Type:
F F
MC Objective: 2-2
F F
11) Cash had a normal starting balance of $600. There were debit postings of $200 and credit postings of
F F F F F F F F F F F F F F F F F
$300 during the month. The ending balance is
F F F F F F F
A) $500 credit. F
B) $1,100 debit. F
C) $500 debit. F
D) $1,100 credit. F
Answer: C F
Diff: 2 Type:
F F
MC Objective: 2-2
F F
12) Cash increases on the debit side of the account.
F F F F F F F F F
Answer: TRUE F
Diff: 1 Type:
F F
TF Objective: 2-2
F F
13) Revenues are recorded when earned. F F F F F
Answer: TRUE F
Diff: 1 Type:
F F
TF Objective: 2-2
F F
14) A chart of accounts is a listing of the accounts and their ending balances.
F F F F F F F F F F F F F F
Answer: FALSE F
Diff: 1 Type:
F F
TF Objective: 2-1
F F
15) Revenue increases on the debit side of the account.
F F F F F F F F F
Answer: FALSE F
Diff: 1 Type:
F F
TF Objective: 2-2
F F
16) Accounts Payable increases on the credit side of the account.
F F F F F F F F F F
Answer: TRUE F
Diff: 1 Type:
F F
TF Objective: 2-2
F F
17) Withdrawals increases on the debit side of the account. F F F F F F F F F
Answer: TRUE F
Diff: 2 Type:
F F
TF Objective: 2-2
F F
