Business Accounting Review
Questions
Course Introduction
Business Accounting introduces students to the fundamental principles and practices of financial and managerial accounting within a business context. The course covers essential topics such as the accounting cycle, preparation and analysis of financial statements, revenue recognition, asset valuation, and internal controls. Students will also explore budgeting, cost behaviors, and performance evaluation techniques, gaining insights into how accounting information is used for decision-making by managers and other stakeholders. Emphasis is placed on interpreting accounting data, ethical considerations, and the role of accounting in supporting organizational objectives.
Recommended Textbook College Accounting Chapters 1 9 22nd Edition by James A. Heintz
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Page 2
Chapter 1: Introduction to Accounting
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Sample Questions
Q1) A corporation is usually managed by
A) stockholders.
B) a professional manager.
C) a proprietor.
D) two or more partners.
Answer: B
Q2) Cost accountants provide a wide variety of services including
A) designing and implementing accounting information systems.
B) auditing reviews.
C) performing general accounting services.
D) analyzing the cost effectiveness of products produced and services provided.
Answer: D
Q3) A business that purchases a product from another business to sell to customers is called a
A) service business.
B) manufacturing business.
C) merchandising business.
D) nonprofit business.
Answer: C
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Page 3
Chapter 2: Analyzing Transactions: the Accounting Equation
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Sample Questions
Q1) The statement of owner's equity shows the state of the business on a specific date. A)True
B)False Answer: False
Q2) Financial statements commonly prepared by businesses include an income statement,a statement of owner's equity,and a balance sheet.
A)True
B)False Answer: True
Q3) The income statement provides information about events over a period of a month,year,or other period of time.
A)True
B)False Answer: True
Q4) Expenses that are incurred in operating the enterprise increase owner's equity. A)True
B)False Answer: False
Page 4
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Chapter 3: The Double-Entry Framework
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Sample Questions
Q1) Prepaid insurance and supplies are assets because they will provide benefits for more than one month.
A)True
B)False
Answer: True
Q2) Asset and expense accounts normally have
A) credit balances.
B) large balances.
C) debit balances.
D) negative balances. Answer: C
Q3) Equity accounts normally have debit balances.
A)True
B)False Answer: False
Q4) Expense accounts normally have debit balances.
A)True
B)False Answer: True
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Chapter 4: Journalizing and Posting Transactions
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Sample Questions
Q1) 1. Ledger account number of account credited
2. Month
3. Explanation
4. Title of account debited
5. Year
6. Day of the month
7. Title of account credited
8. Amount of debit
9. Amount of credit
10. Ledger account number of account debited
Q2) The month in the journal is recorded
A) with every transaction.
B) as the first entry on a page.
C) for the first and last transaction of the month.
D) for the last transaction of the month.
Q3) Copying the debits and credits from the journal to the ledger accounts is a process called ____________________.
Q4) The chart of accounts includes the account titles in numerical order. A)True B)False
Page 6
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Chapter 5: Adjusting Entries and the Work Sheet
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Sample Questions
Q1) Net income is shown on the work sheet as a(n)
A) debit in the Balance Sheet columns.
B) credit in the Balance Sheet columns.
C) debit and a credit in the Balance Sheet columns.
D) adjustment to owner's equity.
Q2) To record the purchase of assets on account under the modified cash basis of accounting method,
A) debit the asset and credit Accounts Payable.
B) debit the asset and credit Cash.
C) debit Accounts Receivable and credit Accounts Payable.
D) debit Accounts Payable and credit the asset.
Q3) Under the ____________________ principle,assets are recorded at their actual cost,and this cost remains on the books as long as the business owns an asset.
Q4) A contra-asset appears on the income statement.
A)True
B)False
Q5) A method of accounting under which revenues are recorded when cash is received and expenses are recorded when cash is paid is known as ____________________.
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Chapter 6: Financial Statements and the Closing Process
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Sample Questions
Q1) The account to which the drawing account is closed is called
A) Revenue.
B) Income Summary.
C) Owner's Capital.
D) Cash.
Q2) The total revenue of the month of June amounted to $7,500; total expenses amounted to $3,500; and withdrawals amounted to $600.The net income for the month amounted to
A) $7,500.
B) $3,400.
C) $4,000.
D) $3,500.
Q3) After the closing entries are journalized and posted,which of the following accounts would NOT have a balance?
A) Cash
B) Office Supplies
C) Accounts Payable
D) Service Revenue
Q4) The ____________________ balance sheet shows the liabilities and owner's equity sections below the asset section.
Page 8
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Chapter 7: Accounting for Cash
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Sample Questions
Q1) The ____________________ is the small fraction printed in the upper right-hand corner of a check used to sort and route checks throughout the banking system.
Q2) Items that the bank adds to a customer's checking account.
A)outstanding checks
B)cash
C)petty cash voucher
D)automated teller machines
E)change fund
F)internal control
G)credit memos
H)debit memos
Q3) A check deposited that is not paid because the drawer did not have sufficient funds is called an NSF check.
A)True
B)False
Q4) The ____________________ is a supply of currency and coins kept in a cash drawer for use in handling cash transactions.
Q5) A(n)____________________ contains a listing of all items being deposited.
Q6) The person presenting the check for payment is called the
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Chapter 8: Payroll Accounting: Employee Earnings and Deductions
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Sample Questions
Q1) Someone who performs a service for a fee and does not work under the control and direction of the company paying for the service is known as a(n)____________________.
Q2) Government laws and regulations regarding payroll are much more complex for employees than for independent contractors.
A)True
B)False
Q3) Base and rate changes in payroll taxes such as FICA affect the accounting principles and procedures for payroll.
A)True
B)False
Q4) An employee's total earnings is referred to as gross pay.
A)True
B)False
Q5) The difference between an independent contractor and an employee is an important legal distinction.
A)True
B)False
Q6) ____________________ provides pensions and disability benefits.
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Chapter 9: Payroll Accounting: Employer Taxes and Reports
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Sample Questions
Q1) SUTA tax payments vary among states but are usually required on a quarterly basis.
A)True
B)False
Q2) The employer pays which of the following to the Internal Revenue Service?
A) the employer's Social Security and Medicare taxes
B) sales taxes
C) property taxes
D) no taxes
Q3) When all taxes have been paid,the Social Security Tax Payable account will have
A) a debit balance.
B) a credit balance.
C) a zero balance.
D) equal debit and credit balances.
Q4) The adjustment to journalize an additional premium due at the end of the year for workers' compensation insurance (WCI)is
A) debit WCI Expense and credit Cash.
B) debit WCI Expense and credit Insurance Refund.
C) debit WCI Expense and credit WCI Payable.
D) debit Insurance Payable and credit WCI Payable.
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Chapter 10: Module Accounting For A Professional Service
Business The Combination
Journal
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Sample Questions
Q1) The ____________________ is a method of accounting under which revenues are recorded when cash is received and expenses are recorded when cash is paid.
Q2) Each entry is posted individually from the Cash Credit column of the combination journal to the proper general ledger account.
A)True
B)False
Q3) The ____________________ column in the combination journal is used to credit accounts that are used infrequently.
Q4) A type of business in which the principal source of revenue is compensation for services rendered to a business firm or to a person is a A) mercantile enterprise.
B) manufacturing enterprise. C) professional service enterprise. D) retail enterprise.
Q5) To be sure that the debits entered in the journal are equal to the credits,the journal must be posted.
A)True
B)False
12
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