Accounting 11
C2 – Theory Test Version D
Student : _________________________
Questions: 11
1.
(Points: 1)
When services are sold on account:
a. Accounts Receivable is debited; Fees Earned is credited.
b. Cash is debited; Fees earned is credited.
c. Cash is debited; Accounts Receivable is credited.
d. Fees Earned is debited; Cash is credited.
2.
(Points: 2)
When cash services are performed
a. Accounts Receivable is debited; Fees earned is credited.
b. Cash is debited; Fees earned is credited.
c. Cash is debited; Accounts Receivable is credited.
d. Fees Earned is debited; Cash is credited.
3.
(Points: 2)
For the following transaction correctly indicate the account to be debited and the account to be
credited.
Paid telephone bill for $75 with cash.
Debit: ___(1)___
Credit: ___(2)___
1.
2.
4.
(Points: 1)
Revenue is recorded on the _______________ side on a T-Account.
a. credit
b. debit
5.
(Points: 1)
Expenses are recorded on the __________________ of a T-Account.
a. credit side
b. debit side
6.
(Points: 2)
Revenue is recorded in the Fees Earned account as a ____(1)____, because Owner's Equity is
___(2)____ (increasing/decreasing).
1.
2.
7.
(Points: 1)
Payment of wages or salaries to the owner must be recorded in the owner's
_________________ account.
1.
8.
(Points: 2)
Calculate the Change in Capital and the Ending Capital based on the following information:
Beginning Capital: $17,000
Net Income:$7,000
Owner's Drawings:$8,000
Change in Capital: ___(1)___ (include the "+" or "-" sign in front of your answer)
Ending Capital: ___(2)___
1.
2.
9.
(Points: 2)
Calculate the Change in Capital and the Ending Capital based on the following information:
Beginning Capital: $40,000
Net Loss:$3,000
Owner's Drawings:$2,000
Change in Capital: ___(1)___ (include the "+" or "-" sign in front of your answer)
Ending Capital: ___(2)___
1.
2.
10.
(Points: 2)
Calculate the Change in Capital and the Ending Capital based on the following information:
Beginning Capital: $7,000
Net Income:$4,000
Owner's Drawings:$0
Change in Capital: ___(1)___ (include the "+" or "-" sign in front of your answer)
Ending Capital: ___(2)___
1.
2.
11.
(Points: 2)
Calculate the Change in Capital and the Ending Capital based on the following information:
Beginning Capital: $17,000
Net Income:$5,000
Owner's Drawings:$4,000
Change in Capital: ___(1)___ (include the "+" or "-" sign in front of your answer)
Ending Capital: ___(2)___
1.
2.