College Accounting Practice Exam
Course Introduction
College Accounting is an introductory course designed to provide students with a foundational understanding of accounting principles, practices, and techniques commonly used in business environments. The course covers topics such as the accounting cycle, preparation and analysis of financial statements, recording financial transactions, managing assets and liabilities, and understanding the role of accounting in decision-making processes. Emphasis is placed on developing practical skills through exercises in journalizing, posting, and preparing trial balances, as well as integrating ethical considerations in the handling of financial information. This course is ideal for students pursuing careers in business, finance, or entrepreneurship and serves as a solid base for further study in the field of accounting.
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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) Writing or using one of the latest technological advances to enter a transaction in the accounting records is called summarizing.
A)True
B)False
Answer: False
Q2) Cost accounting is used to develop a financial plan for a company.
A)True
B)False
Answer: False
Q3) Stockholders may have very little influence on business decisions.
A)True
B)False
Answer: True
Q4) A business that makes a product to sell is called a manufacturing business.
A)True
B)False
Answer: True
Q5) ____________________ is the process by which accountants help managers develop a financial plan.
Answer: Budgeting
Page 3
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Chapter 2: Analyzing Transactions: the Accounting Equation
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Sample Questions
Q1) Liabilities represent an "inside" interest in a business.
A)True
B)False
Answer: False
Q2) The financial statement that shows the state of the firm's assets,liabilities,and owner's equity on a specific date is called a(n)
A) balance sheet.
B) statement of operations.
C) statement of owner's equity.
D) income statement.
Answer: A
Q3) Since insurance lasts for several months,it is recorded as owner's equity.
A)True
B)False
Answer: False
Q4) A(n)____________________ is an unwritten promise to pay a supplier for assets purchased or services received.
Answer: accounts payable
4
Q5) Amounts owed to the business by its customers are called
Answer: accounts receivable
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Chapter 3: The Double-Entry Framework
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Sample Questions
Q1) A cash payment on a loan affects which of the following accounts?
A) Cash and Accounts Receivable
B) Cash and Notes Payable
C) Cash and an expense account
D) Cash and a revenue account
Answer: B
Q2) A purchase of an asset on account
A) increases cash.
B) decreases owner's equity.
C) increases assets.
D) decreases expenses.
Answer: C
Q3) Footings in T accounts
A) appear after each entry.
B) always appear on the right side.
C) are unnecessary when there is only one entry.
D) appear only in accounts carried over from the previous accounting period.
Answer: C
Q4) The ____________________ balance is on the side that increases an account.
Answer: normal
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Chapter 4: Journalizing and Posting Transactions
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Q1) A complete set of all the accounts used by a business is known as the general ledger.
A)True
B)False
Q2) The process of copying the debits and credits from the journal to the ledger accounts is known as posting.
A)True
B)False
Q3) When two digits in a debit or credit amount are reversed,a(n)____________________ has occurred.
Q4) The transaction to record payment for delivery equipment that was purchased on account in the previous month would include
A) debiting Cash and crediting Accounts Receivable.
B) debiting Cash and crediting Accounts Payable.
C) debiting Accounts Payable and crediting Cash.
D) debiting Delivery Equipment and crediting Cash.
Q5) When an incorrect entry has been journalized and posted to a wrong account or for the wrong amount,a(n)____________________ is required.
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Chapter 5: Adjusting Entries and the Work Sheet
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Q1) The adjusting entry for the depreciation of office equipment for the period includes
A) debiting Depreciation Expense-Office Equipment and crediting Office Equipment.
B) debiting Office Equipment and crediting Accumulated Depreciation-Office Equipment.
C) debiting Depreciation Expense-Office Equipment and crediting Accumulated Depreciation-Office Equipment.
D) debiting Office Equipment and crediting Depreciation Expense-Office Equipment.
Q2) It is not necessary to post adjusting entries. A)True B)False
Q3) The amount an item can be sold for under normal economic conditions is the ____________________.
Q4) The ____________________ is a method of accounting under which revenues are recorded when paid by customers and expenses are recorded when cash is paid.
Q5) Accumulated Depreciation-Delivery Equipment is an example of a(n)____________________ account.
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Chapter 6: Financial Statements and the Closing Process
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Sample Questions
Q1) The amount reported in the Balance Sheet columns of the work sheet for the owner's capital represents the
A) ending balance that should be reported on the balance sheet.
B) beginning balance.
C) beginning balance plus additional investments.
D) beginning balance less withdrawals.
Q2) The period of time required to purchase supplies and services and convert them back into cash is the ____________________.
Q3) When recording closing entries in the general journal,which of the following is written in the Description column?
A) "closing entries"
B) a description of the transaction
C) nothing
D) "zero out accounts"
Q4) The accuracy of the statement of cash flows can be proved by comparing the cash provided by operating activities with the change in the cash balance.
A)True
B)False
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Chapter 7: Accounting for Cash
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Q1) A(n)____________________ contains a listing of all items being deposited.
Q2) A check involves three parties.The person directed to receive the money is called the A) drawer.
B) drawee.
C) payee.
D) endorser.
Q3) Payments from the petty cash fund should not be made without obtaining some sort of receipt in return.
A)True
B)False
Q4) Bringing the book and bank balances into agreement is called ____________________.
Q5) To reconcile the bank statement,which of the following amounts would be added to the bank statement balance?
A) service charge
B) outstanding checks
C) deposits in transit
D) amounts collected by the bank for the depositor's account
Q6) ____________________ are checks written by a depositor and paid by the bank.
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Chapter 8: Payroll Accounting: Employee Earnings and Deductions
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Sample Questions
Q1) A purely manual system of record keeping is one in which all records,journals,and ledgers are prepared by hand.
A)True
B)False
Q2) ____________________ provides pensions and disability benefits.
Q3) With ____________________,the employee does not handle the paycheck; payment is made by the employer directly to the employee's bank.
Q4) Cameron Tiller is paid one and one-half times the regular hourly rate for all hours worked in excess of 40 hours per week and double time for work on Sunday.Tiller's regular rate is $12 per hour.During the week ended March 15,he worked 9 hours each day from Monday through Friday,6 hours on Saturday,and 4 hours on Sunday.Tiller's total regular earnings for the week ended March 15 are
A) $110.
B) $216.
C) $480.
D) $430.
Q5) An employee's total earnings is referred to as gross pay.
A)True
B)False
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Chapter 9: Payroll Accounting: Employer Taxes and Reports
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Q1) Employers' payroll taxes include FICA,FUTA,and SUTA taxes.
A)True
B)False
Q2) The ____________________ encourages employers to provide regular employment to workers.
Q3) A(n)____________________ identifies the employer on all payroll forms and reports filed with the IRS.
Q4) Form 941,Employer's Quarterly Federal Tax Return,must be filed with the IRS at the end of the month following each calendar quarter.
A)True
B)False
Q5) An Employer Identification Number (EIN)is obtained by the employer from the A) nearest Federal Reserve Bank.
B) CIA.
C) Internal Revenue Service.
D) nearest local federally insured bank.
Q6) Self-employed individuals can be viewed as both employer and employee. A)True
B)False
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Q7) Employers report payroll taxes withheld each quarter using
Chapter 10: Module Accounting For A Professional Service
Business The Combination Journal
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Sample Questions
Q1) A cash balance may be computed
A) daily.
B) weekly.
C) at the end of the accounting period.
D) whenever desired.
Q2) Professional service enterprises include real estate,insurance,advertising,transportation,and various other firms.
A)True
B)False
Q3) The ____________________ column in the combination journal is used to enter the account titles for the General Debit and General Credit columns,identify specific creditors when assets are purchased on account,and identify amounts forwarded.
Q4) It will take additional work and time if a journal contains a special column for cash debits and one for cash credits.
A)True
B)False
Q5) The ____________________ is a method of accounting under which revenues are recorded when cash is received and expenses are recorded when cash is paid.
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