ACCT 201A iClicker Questions With Solutions (100%)
Which of the following represents an external transaction?
a. lapse of insurance due to lapse in time
b. use of office supplies by employees over time
c. payment of utility bill
d. salaries earned by employees but not yet paid Right Ans - c. payment of
utility bill
Which of the following is NOT a step in the process of measuring external
transactions?
a. analyze the impact of the transaction on the accounting equation
b. record the transaction using debits and credits
c. post the transaction to the T-account in the general ledger
d. all of the above are steps in the measurement of external transactions
Right Ans - d. all of the above are steps in the measurement of external
transactions
Which of the following transactions causes an increase in total assets?
a. pay employee salaries for the current month
b. pay dividends to stockholders
c. issue common stock in exchange for cash
d. purchase office equipment for cash Right Ans - c. issue common stock in
exchange for cash
Items such as sales slip, a check, a bill, or a cash register tape are examples of:
a. balance sheet accounts
b. income statement accounts
c. cost of goods sold
d. source documents Right Ans - d. source documents
The process of entering transaction data into the journal is called
a. posting
b. journalizing
, c. balancing
d. none of the above Right Ans - b. journalizing
Which of the following is not a contribution of the general journal to the
recording process?
a. the determination of net income
b. it discloses in one place the complete effect of a transaction
c. it provides a chronological record of transactions
d. it helps to prevent or locate errors because the debit and credit amounts for
each entry can be readily compared Right Ans - a. the determination of net
income
The basic steps in the recording process, in order are:
a. analyze the transaction, enter the transaction in the journal, and transfer
the information to the general ledger
b. enter the transaction in the journal, and transfer the information to the
general ledger
c. analyze the transaction, enter the transaction in the financial statements,
and enter the transaction in the journal
d. none of the above Right Ans - a. analyze the transaction , enter the
transaction in the journal, and transfer the information to the general ledger
All of the following accounts have debit balances with the exception of:
a. cash
b. wages expense
c. unearned advertising expenses
d. prepaid insurance Right Ans - c. unearned advertising expenses
All of the following would have credit expenses with the exception of:
a. accounts payable
b. notes payable
c. unearned advertising fees
d. dividends Right Ans - d. dividends
Which of the following mistakes will a trial balance most likely detect?
Which of the following represents an external transaction?
a. lapse of insurance due to lapse in time
b. use of office supplies by employees over time
c. payment of utility bill
d. salaries earned by employees but not yet paid Right Ans - c. payment of
utility bill
Which of the following is NOT a step in the process of measuring external
transactions?
a. analyze the impact of the transaction on the accounting equation
b. record the transaction using debits and credits
c. post the transaction to the T-account in the general ledger
d. all of the above are steps in the measurement of external transactions
Right Ans - d. all of the above are steps in the measurement of external
transactions
Which of the following transactions causes an increase in total assets?
a. pay employee salaries for the current month
b. pay dividends to stockholders
c. issue common stock in exchange for cash
d. purchase office equipment for cash Right Ans - c. issue common stock in
exchange for cash
Items such as sales slip, a check, a bill, or a cash register tape are examples of:
a. balance sheet accounts
b. income statement accounts
c. cost of goods sold
d. source documents Right Ans - d. source documents
The process of entering transaction data into the journal is called
a. posting
b. journalizing
, c. balancing
d. none of the above Right Ans - b. journalizing
Which of the following is not a contribution of the general journal to the
recording process?
a. the determination of net income
b. it discloses in one place the complete effect of a transaction
c. it provides a chronological record of transactions
d. it helps to prevent or locate errors because the debit and credit amounts for
each entry can be readily compared Right Ans - a. the determination of net
income
The basic steps in the recording process, in order are:
a. analyze the transaction, enter the transaction in the journal, and transfer
the information to the general ledger
b. enter the transaction in the journal, and transfer the information to the
general ledger
c. analyze the transaction, enter the transaction in the financial statements,
and enter the transaction in the journal
d. none of the above Right Ans - a. analyze the transaction , enter the
transaction in the journal, and transfer the information to the general ledger
All of the following accounts have debit balances with the exception of:
a. cash
b. wages expense
c. unearned advertising expenses
d. prepaid insurance Right Ans - c. unearned advertising expenses
All of the following would have credit expenses with the exception of:
a. accounts payable
b. notes payable
c. unearned advertising fees
d. dividends Right Ans - d. dividends
Which of the following mistakes will a trial balance most likely detect?
