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problem: T-accounts are so named because of:

a) Their appearance.
b) The kinds of information they provide.
c) Their inventor, whose first initial was T.
d) Their relevance to trade analysis.

problem: Hospitality accounting staff members prepare a trial balance in order to:

a) Test the equality of debits and credits.
b) Keep track of how the bookkeeper handles transactions.
c) Make sure that all transactions have been entered only once.
d) Determine the firm's profitability.

problem: Jerry accepts a formal, written promise from an employee of his hotel to pay a certain sum. The employee plans to repay the hotel within the current fiscal year, and states this intention in the note. Notes Receivable is classified as:

a) Owners' equity.
b) Liabilities.
c) Assets.
d) Expenses.

problem: The basic element used in an accounting system to classify and summarize business transactions is the:

a) Marketable security.
b) T-account.
c) Account.
d) Liability

problem: Sara totals the credits and debits for a certain account and finds that the account carries a debit balance. All of the following types of accounts typically carry a debit balance except:

a) Drawing accounts.
b) Expense accounts.
c) Asset accounts.
d) Liability accounts.

problem: Revenue from cash sales ultimately affects which two balance sheet accounts?

a) Assets and expenses.
b) Assets and owner's equity
c) Assets and liabilities
d) Liabilities and owner's equity

problem: All of the following are balance sheet accounts except:

a) Asset accounts.
b) Liability accounts.
c) Owners' equity accounts.
d) Revenue accounts.

problem: Which of the following kinds of accounts would appear in a general ledger?

a) Owners' equity accounts
b) Drawing accounts
c) All of the above
d) Asset accounts

problem: Collette is the owner of a small motel who keeps her own financial records. She needs to record the income from room sales for the day. All of today's income was from a single group, and the group's representative paid the bill on account. The accounts that this income affects are:

a) Room Expense and Accounts Payable.
b) Room Revenues and Accounts Receivable.
c) Rooms Expense and Cash.
d) Cash and Accounts Payable.

problem: Which of the following procedures involves transferring amounts recorded in the general journal to ledger accounts?

a) Preparing a trial balance.
b) Journalizing.
c) Posting.
d) Cross-indexing.

Financial Accounting, Accounting

  • Category:- Financial Accounting
  • Reference No.:- M9117

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