Quiz: Solid Footing Chapter 10 Name: ________________________________ Print your

Question

Quiz: Solid Footing Chapter 10 Name: ________________________________ Print your name above Print your name on the Multiple Choice Answer Form For each of the accounts below select the correct combination. Circle the correct combination. Place your answer on the Multiple Choice Answer Form.   Only the answer on the Multiple Choice Answer Form will be counted for grading purposes. Appears on Which Financial Normal Is the Account Type of Account? Statement? Balance Closed? 1. Accounts Payable A. Liability Balance Sheet Credit No B. Asset Balance Sheet Credit No C. Liability Balance Sheet Debit No D. Asset Balance Sheet Debit No E. None of the above 2. Accounts Receivable A. Asset Balance Sheet Credit No B. Liability Balance Sheet Debit No C. Asset Income Statement Debit No D. Liability Income Statement Debit No E. None of the above 3. Accumulated Depreciation A. Expense Income Statement Credit Yes B. Expense Income Statement Debit Yes C. Asset Balance Sheet Credit Yes D. Asset Balance Sheet Credit No E. Asset Balance Sheet Debit No 4. Cash A. Asset Balance Sheet Credit No B. Asset Balance Sheet Debit No C. Asset Balance Sheet Credit Yes D. Asset Balance Sheet Debit Yes E. None of the above 5. Common Stock A. Asset Balance Sheet Credit No B. Asset Balance Sheet Debit No C. Equity Balance Sheet Credit No D. Revenue Income Statement Credit Yes E. None of the above 6. Cost of Goods Sold A. Expense Income Statement Debit No B. Expense Income Statement Debit Yes C. Asset Balance Sheet Debit No D. Asset Balance Sheet Debit Yes E. None of the above 7. Depreciation Expense A. Expense Income Statement Debit Yes B. Expense Income Statement Credit Yes C. Expense Income Statement Debit No D. Expense Income Statement Credit No E. None of the above Quiz: Solid Footing Chapter 10 Pg. 2 Appears on Which Financial Normal Is the Account Type of Account? Statement? Balance Closed? 8. Dividends Payable A. Dividends Balance Sheet Credit No B. Liability Balance Sheet Credit Yes C. Liability Balance Sheet Credit No D. Dividends Balance Sheet Credit Yes E. None of the above 9. Equipment A. Asset Balance Sheet Credit No B. Asset Balance Sheet Credit Yes C. Asset Balance Sheet Debit Yes D. Asset Balance Sheet Debit No E. None of the above 10. Interest Expense A. Expense Income Statement Debit No B. Expense Income Statement Credit Yes C. Expense Neither B/S or I/S Debit No D. Expense Neither B/S or I/S Credit Yes E. None of the above 11. Interest Payable A. Liability Balance Sheet Debit No B. Liability Balance Sheet Debit Yes C. Liability Balance Sheet Credit No D. Liability Balance Sheet Credit Yes E. None of the above 12. Interest Receivable A. Asset Balance Sheet Debit No B. Asset Balance Sheet Debit Yes C. Asset Balance Sheet Credit No D. Asset Balance Sheet Credit Yes E. None of the above 13. Inventory A. Asset Balance Sheet Debit No B. Asset Balance Sheet Credit No C. Expense Balance Sheet Debit Yes D. Expense Balance Sheet Credit Yes E. None of the above 14. Note Payable A. Liability Balance Sheet Debit No B. Liability Balance Sheet Debit Yes C. Liability Balance Sheet Credit No D. Liability Balance Sheet Credit Yes E. None of the above 15. Prepaid Insurance A. Asset Balance Sheet Credit No B. Asset Balance Sheet Debit No C. Expense Income Statement Credit Yes D. Expense Income Statement Debit Yes E. None of the above 16. Prepaid Rent A. Asset Balance Sheet Credit No B. Asset Balance Sheet Debit No C. Liability Balance Sheet Credit No D. Liability Balance Sheet Debit No E. None of the above Quiz: Solid Footing Chapter 10 Pg. 3 Appears on Which Financial Normal Is the Account Type of Account? Statement? Balance Closed? 17. Rent Expense A. Asset Balance Sheet Credit No B. Asset Balance Sheet Debit No C. Expense Balance Sheet Credit No D. Expense Balance Sheet Debit No E. None of the above 18. Retained Earnings A. Equity Balance Sheet Credit Yes B. Equity Balance Sheet Credit No C. Equity Income Statement Credit Yes D. Equity Income Statement Credit No E. None of the above 19. Sales Revenue A. Revenue Balance Sheet Credit Yes B. Revenue Balance Sheet Credit No C. Revenue Income Statement Credit Yes D. Revenue Income Statement Credit No E. None of the above 20. Supplies A. Asset Balance Sheet Debit No B. Asset Balance Sheet Credit No C. Asset Balance Sheet Debit Yes D. Asset Balance Sheet Credit Yes E. None of the above 21. Supplies Expense A. Expense Income Statement Credit Yes B. Expense Income Statement Credit No C. Expense Income Statement Debit Yes D. Expense Income Statement Debit No E. None of the above 22. Unearned Revenue A. Liability Balance Sheet Credit Yes B. Revenue Income Statement Credit Yes C. Revenue Income Statement Credit No D. Liability Balance Sheet Credit No E. None of the above 23. Wages Expense A. Expense Income Statement Credit Yes B. Expense Income Statement Credit No C. Expense Income Statement Debit Yes D. Expense Income Statement Debit No E. None of the above 24. Wages Payable A. Liability Balance Sheet Debit No B. Liability Balance Sheet Credit Yes C. Expense Income Statement Debit Yes D. Expense Income Statement Debit No E. None of the above Quiz: Solid Footing Chapter 10 Name: ________________________________ Print your name above Print your name on the Multiple Choice Answer Form For each of the accounts below select the correct combination. Circle the correct combination. Place your answer on the Multiple Choice Answer Form.   Only the answer on the Multiple Choice Answer Form will be counted for grading purposes. Appears on Which Financial Normal Is the Account Type of Account? Statement? Balance Closed? 1. Accounts Payable A. Liability Balance Sheet Credit No B. Asset Balance Sheet Credit No C. Liability Balance Sheet Debit No D. Asset Balance Sheet Debit No E. None of the above 2. Accounts Receivable A. Asset Balance Sheet Credit No B. Liability Balance Sheet Debit No C. Asset Income Statement Debit No D. Liability Income Statement Debit No E. None of the above 3. Accumulated Depreciation A. Expense Income Statement Credit Yes B. Expense Income Statement Debit Yes C. Asset Balance Sheet Credit Yes D. Asset Balance Sheet Credit No E. Asset Balance Sheet Debit No 4. Cash A. Asset Balance Sheet Credit No B. Asset Balance Sheet Debit No C. Asset Balance Sheet Credit Yes D. Asset Balance Sheet Debit Yes E. None of the above 5. Common Stock A. Asset Balance Sheet Credit No B. Asset Balance Sheet Debit No C. Equity Balance Sheet Credit No D. Revenue Income Statement Credit Yes E. None of the above 6. Cost of Goods Sold A. Expense Income Statement Debit No B. Expense Income Statement Debit Yes C. Asset Balance Sheet Debit No D. Asset Balance Sheet Debit Yes E. None of the above 7. Depreciation Expense A. Expense Income Statement Debit Yes B. Expense Income Statement Credit Yes C. Expense Income Statement Debit No D. Expense Income Statement Credit No E. None of the above Quiz: Solid Footing Chapter 10 Pg. 2 Appears on Which Financial Normal Is the Account Type of Account? Statement? Balance Closed? 8. Dividends Payable A. Dividends Balance Sheet Credit No B. Liability Balance Sheet Credit Yes C. Liability Balance Sheet Credit No D. Dividends Balance Sheet Credit Yes E. None of the above 9. Equipment A. Asset Balance Sheet Credit No B. Asset Balance Sheet Credit Yes C. Asset Balance Sheet Debit Yes D. Asset Balance Sheet Debit No E. None of the above 10. Interest Expense A. Expense Income Statement Debit No B. Expense Income Statement Credit Yes C. Expense Neither B/S or I/S Debit No D. Expense Neither B/S or I/S Credit Yes E. None of the above 11. Interest Payable A. Liability Balance Sheet Debit No B. Liability Balance Sheet Debit Yes C. Liability Balance Sheet Credit No D. Liability Balance Sheet Credit Yes E. None of the above 12. Interest Receivable A. Asset Balance Sheet Debit No B. Asset Balance Sheet Debit Yes C. Asset Balance Sheet Credit No D. Asset Balance Sheet Credit Yes E. None of the above 13. Inventory A. Asset Balance Sheet Debit No B. Asset Balance Sheet Credit No C. Expense Balance Sheet Debit Yes D. Expense Balance Sheet Credit Yes E. None of the above 14. Note Payable A. Liability Balance Sheet Debit No B. Liability Balance Sheet Debit Yes C. Liability Balance Sheet Credit No D. Liability Balance Sheet Credit Yes E. None of the above 15. Prepaid Insurance A. Asset Balance Sheet Credit No B. Asset Balance Sheet Debit No C. Expense Income Statement Credit Yes D. Expense Income Statement Debit Yes E. None of the above 16. Prepaid Rent A. Asset Balance Sheet Credit No B. Asset Balance Sheet Debit No C. Liability Balance Sheet Credit No D. Liability Balance Sheet Debit No E. None of the above Quiz: Solid Footing Chapter 10 Pg. 3 Appears on Which Financial Normal Is the Account Type of Account? Statement? Balance Closed? 17. Rent Expense A. Asset Balance Sheet Credit No B. Asset Balance Sheet Debit No C. Expense Balance Sheet Credit No D. Expense Balance Sheet Debit No E. None of the above 18. Retained Earnings A. Equity Balance Sheet Credit Yes B. Equity Balance Sheet Credit No C. Equity Income Statement Credit Yes D. Equity Income Statement Credit No E. None of the above 19. Sales Revenue A. Revenue Balance Sheet Credit Yes B. Revenue Balance Sheet Credit No C. Revenue Income Statement Credit Yes D. Revenue Income Statement Credit No E. None of the above 20. Supplies A. Asset Balance Sheet Debit No B. Asset Balance Sheet Credit No C. Asset Balance Sheet Debit Yes D. Asset Balance Sheet Credit Yes E. None of the above 21. Supplies Expense A. Expense Income Statement Credit Yes B. Expense Income Statement Credit No C. Expense Income Statement Debit Yes D. Expense Income Statement Debit No E. None of the above 22. Unearned Revenue A. Liability Balance Sheet Credit Yes B. Revenue Income Statement Credit Yes C. Revenue Income Statement Credit No D. Liability Balance Sheet Credit No E. None of the above 23. Wages Expense A. Expense Income Statement Credit Yes B. Expense Income Statement Credit No C. Expense Income Statement Debit Yes D. Expense Income Statement Debit No E. None of the above 24. Wages Payable A. Liability Balance Sheet Debit No B. Liability Balance Sheet Credit Yes C. Expense Income Statement Debit Yes D. Expense Income Statement Debit No E. None of the above

Explanation / Answer

explanation :- Assets(DR) = Liability (CR) + Equity (CR)

All assets a/c are debit balances and liabilty and equity are credit balances . All balance sheet items are not closed but are carried for ward to next year whereas income statment items expenses and revenues are closed to income summary account . Expenses are debit whereas revenues are credit

assets are resources which company owns whereas liabilities are obligations which a company owes to outsiders . Equity is what a company owes to its shreholders and ones own capital invested .The amount which a company incurs to earn a income is referred to as expense

Type of account Appears on which financial statement Normal balance Is the A/c closed 1 accounts payable liability Balance sheet Credit No 2 A/c recievable Asset Balance Sheet Debit No 3 Accumulated depreciation Asset Balance sheet Credit no 4 Cash Asset Balance sheet Debit No 5 Common stock Equity Balance sheet Credit No 6 Cost of goods sold Expense Income statement Debit Yes 7 Depreciation expense Expense income statement Debit Yes 8 Divident payable Liability Balance sheet Credit No 9 Equipment Asset Balance sheet Debit No 10 Interest expense Expense income statement Debit Yes 11 Interest payable Liability Balance sheet Credit No 12 Interest recievable Asset Balance sheet Debit No 13 Inventory Asset Balance sheet Debit No 14 Notes payable Liability Balance Sheeet Credit no 15 Prepaid insurance Asset Balance sheet Debit No 16 Prepaid rent Asset Balance sheet Debit NO 17 Rent expense Expense Income statement Debit yes 18 Retained earnings Equity Balance sheet Credit no 19 Sales revenue Revenue Income statement Credit Yes 20 Supplies Asset Balance sheet Debit no 21 Supplies expense Expense Income statement Debit yes 22 Unearned revenue liability balance sheet Credit no 23 Wages expense expense income statement Debit yes 24 Wages paayable liability balance sheet credit no

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