HRM732 Quiz 2 Already Passed
1). A trial balance
Ans: A list of accounts and their balances at a given time
2). The common characteristic possessed by all assets is
Ans: future economic benefit
3). The accounting equation, for a proprietorship, may be expressed as
Ans: Assets = Liabilities + Owner's Equity.
4). In the first month of operations, the total of the debit entries to the cash account amounted
to $900 and the total of the credit entries to the cash account amounted to $500. the cash
account has a
Ans: $400 debit balance
5). Collection of a $600 accounts receivable
Ans: increases an asset $600; decreases an asset $600.
6). Jackson's small engine repair shop, a proprietorship, started the year with total assets of
$60,000 and total liabilities of $40,000. during the year, the business recorded $100,000 in
repair revenues, $55,000 in expenses, and mike jackson, the owner, withdrew $10,000.
jackson's capital balance at the end of the year was
Ans: $55,000
7). If an owner makes a withdrawal of cash from a proprietorship, then
Ans: assets will decrease and owner's equity will decrease.
8). If a company reported a loss in the first month of operations, the loss would reduce owner's
capital and would be
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1). A trial balance
Ans: A list of accounts and their balances at a given time
2). The common characteristic possessed by all assets is
Ans: future economic benefit
3). The accounting equation, for a proprietorship, may be expressed as
Ans: Assets = Liabilities + Owner's Equity.
4). In the first month of operations, the total of the debit entries to the cash account amounted
to $900 and the total of the credit entries to the cash account amounted to $500. the cash
account has a
Ans: $400 debit balance
5). Collection of a $600 accounts receivable
Ans: increases an asset $600; decreases an asset $600.
6). Jackson's small engine repair shop, a proprietorship, started the year with total assets of
$60,000 and total liabilities of $40,000. during the year, the business recorded $100,000 in
repair revenues, $55,000 in expenses, and mike jackson, the owner, withdrew $10,000.
jackson's capital balance at the end of the year was
Ans: $55,000
7). If an owner makes a withdrawal of cash from a proprietorship, then
Ans: assets will decrease and owner's equity will decrease.
8). If a company reported a loss in the first month of operations, the loss would reduce owner's
capital and would be
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