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1.An expense A) leaves stockholders equity unchanged B) decreases stockholder equity C) is basically the same as a liability D) decreases assets and liabilities 2.Receving payment of a portion of account reeivable will A)decrease net income b)increase liabilities C)not affect total assets D)increase stockholders equity 3.If expenses are paid in cash, then a)liabilities will decrease b)stockholders equity will increase c) assets will increase d) assets will decrease 4. Which statement about an account is true? a) in its simplest form, an account consists of two parts b)an account is an individual accounting record of increases and decreases in specific asset, liability and stockholders equity items. c) there are separate account for specific assets and liabilitiesbt only one account for stockholder equity items d) the left side of an account is the credit or decrease side 5) The left side of an account is a)blank b) a description of the account c) the debit side d) the balance of the account 6) Which of the following accounts has a normal credit balance? a) rent expense b)prepaid rent c) notes receivable d)rent revenue 7)Which of the following describes the classification and normal balance of the retained earnings account? a) stockholders equity, credit b) asset, debit c) revenues, credit d) expense, debit 8)In recording an accouting transaction in a double entry system a) there must only be two accounts affected by any transaction b)the number of debits accounts must equal the number of credit accounts c) the amount of debits must equal the amount of the credits d) there must always be entries made on both sides of the accounting equation 9) the cash account has a credit balance. Which statement is true? a) the account needs to be analyzed to determine the reason for the credit balance. b) an error has occurred and must be corrected before financial statements can be prepared c) this is the normal balance for cash d) debit posting exceed the credit postings for the accouting period 10)After trasaction information has ben recorded in the journal, it is transferred to the a) ledger b) income statement c) trial balance d) général journal
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