Download Guided ACCT 212 Week 2 Quiz (Collection)

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Download Guided ACCT 212 Week 2 Quiz Collection

 

ACCT 212 Week 2 Quiz (Summer 2021)
  1. Question: After transactions are recorded in the journal, they are … to the:
  2. Question: A list of all account names used to record transactions of a company is … to as a:
  3. Question: Which step in the process of measuring external transactions involves assessing the equality of total debits and total credits?
  4. Question: A company purchases supplies on account for $1,600. Indicate the number of increases and decreases in the accounting
  5. Question: A company issues common stock for $28,000 cash. Record the transaction. (If no entry is … for a transaction/event, select “No Journal Entry Required” in the first account)
  6. Question: Consider the following T-account for Accounts payable….. Compute the balance of the Accounts payable account.
  7. Question: The full set of procedures … to accomplish the measurement/communication process of financial accounting is … to as the:
  8. Question: When a company pays employees’ salaries for the current period, how will the basic accounting equation … ?
  9. Question: When a company pays cash for equipment, what is the effect on the accounting equation for that company?
  10. Question: Which of the following is the appropriate debit/credit format for recording a business transaction?

ACCT 212 Week 2 Quiz (Summer 2020)
  1. Question: A company completed the following transactions during the month of October:
  2. Question: A company had credit sales of $ 34,000 and cash sales of $ 20,000 during the month of May. Also during May, the company paid wages of $ 25,000 and utilities of $ 10,000. It also received payments from customers on accounts totaling $ 5,200. What was the company’s net income for the month?
  3. Question: A company received $ 34,000 cash and issued common stock in exchange. How does this transaction affect the accounting equation?
  4. Question: Which accounts are … by debits?
  5. Question: Posting is:
  6. Question: A business paid $ 3,100 on the account. The journal entry would:
  7. Question: On May 1, a business provided legal services to a client and billed the client $ 2,400. The client promised to pay the business in one month. Which journal entry should the business record on May 1?
  8. Question: The Accounts Receivable account for Johnny’s Mechanic Shop had a beginning balance of $ 36,000. During the month, Johnny made sales on account of $ 42,000. The ending balance in the Accounts Receivable account is $ 32,000. What are cash collections for the month?
  9. Question: A company completed the following transactions during the month of October:
  10. Question: What was the company’s net income for the month?

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ACCT 212 Week 2 Quiz

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