70.2K

Verified Solution

Link Copied!

	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

Answer & Explanation Solved by verified expert

See Answer