Revision Quizzes 2: Principles of Accounting-T123WSB-9 19:20, 02/02/2023

Revision Quizzes 2
Due Jan 31 at 3:55pm Points 100 Questions 10
Available Jan 31 at 3:30pm - Jan 31 at 3:55pm 25 minutes
Time Limit 20 Minutes

This quiz was locked Jan 31 at 3:55pm.

Attempt History
Attempt Time Score
LATEST Attempt 1 19 minutes 80 out of 100

Score for this quiz: 80 out of 100

Submitted Jan 31 at 3:49pm
This attempt took 19 minutes.

Question 1 10 / 10 pts

The record of all accounts and their balances used by a business is

called a:

Chart of accounts.

Correct! Ledger (or General Ledger..

Journal.

Balance column journal.

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Question 2 0 / 10 pts

Unearned revenues refer to a(n.:

You Answered

Expense incurred because a customer has paid in advance.

Correct Answer
Liability that is settled in the future when a company delivers
its products or services.

Asset that will be used over time.

Increase in assets as a result of delivering products or

services to a customer.

Question 3 10 / 10 pts

Alicia Tax Services paid $500 to settle an account payable. Which of

the following general journal entries will Alicia Tax Services make to
record this transaction?

Debit Office supplies, $500; credit Accounts payable, $500.

Debit Office supplies expense, $500; credit Cash, $500.

Correct! Debit Accounts payable, $500; credit Cash, $500.

Debit Cash, $500; credit Office supplies, $500.

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Question 4 10 / 10 pts

Select the account below that normally has a credit balance.

Owner, Withdrawals.

Cash.

Office Equipment.

Correct! Wages Payable.

Question 5 10 / 10 pts

Willow Rentals purchased office supplies on credit. The general

journal entry made by Willow Rentals will include a:

Debit to Accounts Receivable.

Correct! Credit to Accounts Payable.

Credit to Cash.

Debit to Accounts Payable.

Question 6 10 / 10 pts

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Revision Quizzes 2: Principles of Accounting-T123WSB-9 19:20, 02/02/2023

All of the following are external users of accounting information

except:

Lenders.

Shareholders.

Correct!
Chief executive officer (CEO.).

Board of directors.

Question 7 10 / 10 pts

Creditors' claims on the assets of a company are called:

Revenues.

Expenses.

Equity.

Correct! Liabilities.

Question 8 10 / 10 pts

Net Income:

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 Revision Quizzes 2: Principles of Accounting-T123WSB-9 19:20, 02/02/2023

Represents the amount of assets owners put into a

business.

Correct!
Is the excess of revenues over expenses.

Decreases equity.

Equals assets minus liabilities.

Question 9 10 / 10 pts

The assets of a company total $700,000; the liabilities, $200,000.

What is the amount of equity?

Correct! $500,000.

$700,000.

$200,000.

$900,000.

Question 10 0 / 10 pts

An exchange of value between two entities that yields a change in

the accounting equation is called:

Recordkeeping or bookkeeping.

You Answered An asset.

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Correct Answer An external transaction.

The accounting equation.

Quiz Score: 80 out of 100

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