[xxkpxoppaxx]

1. Which of the following is a contra account?
A. Unearned Rental Revenue
B. Sales Discounts Taken
C. Bad Debts Expense
D. Depreciation Expense




2. Which accounts are increased with debits?
A. Cost of Goods Sold, Capital Stock, Assets
B. Dividends, Revenue, Liabilities
C. Assets, Cost of Goods Sold, Dividends Distributed
D. Liabilities, Capital Stock, Revenue



3. Which of the following is a permanent account?
A. Dividends Distributed
B. Allowance for Doubtful Accounts
C. Interest Expense
D. Sales




4. Which of the following is a nominal (temporary) account?
A. Retained Earnings
B. Accounts Receivable
C. Purchases Returns and Allowances
D. Accumulated Depreciation




5. Which of the following is an economic resource that should be depreciated over the accounting periods estimated to be benefited?
A. salaries incurred but unpaid at year-end
B. rent collected in advance for a three-year rental period
C. equipment purchased for use in the business operations
D. interest revenue accrued on investment in bonds


6. When you prepare a journal entry, the standard format is to list all
A. asset accounts first
B. accounts to be debited first
C. liability accounts first
D. accounts to be credited first



7. The basic purpose of a trial balance is to
A. list all of the accounts in the general ledger
B. list all of the accounts in the general ledger that have a balance
C. be sure that all journal entries have been recorded
D. verify that the total credits equal the total debits





8. What relationship exists between the general journal and the general ledger?
A. The general ledger accounts contain the same information as in the general journal, just in a different format.
B. The balances in the general ledger will always equal those in the general journal.
C. After all postings from the general journal are complete, the debit balances in the general ledger will rarely equal the credit balances.
D. The number of accounts in the general journal will always be larger than the number of accounts in the general ledger.


9. The entire group of accounts for a company is referred to as the
A. general ledger
B. Worksheet
C. Journal
D. document of original entry



10. A prepaid expense is
A. a payment received by the company in advance for the future sale of inventory or performance of services
B. an item of goods or services purchased by the company for use in its operations but not fully consumed by the end of the accounting period
C. an expense that has been incurred during the accounting period but has been neither paid nor recorded
D. an item that has been earned by the company during the accounting period but has been neither received nor recorded


11. The Cosmo Construction Company received $12,000 for six months rental income in advance on November 1, 2010, and credited the Rental Revenue account. The required adjusting entry on December 31, 2010, would include a
A. credit to Rental Revenue for $4,000
B. debit to Rental Revenue for $8,000
C. credit to Rental Receivable for $8,000
D. debit to Rental Revenue for $4,000


12. Which of the following adjusting entries involves the recognition of an accrued expense?
A. recording depreciation on a long-lived asset
B. writing off the portion of an insurance policy that has expired
C. recognition of salaries owed to employees for work done during the current period that will be paid during the next accounting period
D. recognition of bad debt losses that are expected to result from making sales on credit terms


13. On March 31, 2010, the Trident Company purchased a two-year fire insurance policy. Tricot recorded the purchase by debiting Prepaid Insurance and crediting Cash for $12,000. Which of the following adjusting entries should Trident prepare at the end of 2010?
A. Prepaid Insurance 4,500
Insurance Expense 4,500
B. Insurance Expense 4,500
Prepaid Insurance 4,500
C. Prepaid Insurance 7,500
Insurance Expense 7,500
D. Insurance Expense 7,500
Prepaid Insurance 7,500





14. Adjusting entries are made
A. to match the consumption of prepaid assets against current revenues
B. to record accrued expenses
C. to record estimated items, such as depreciation
D. for all of these reasons



15. Which of the following is an accrued expense?
A. Depreciation
B. employees' salaries
C. interest revenue
D. rental expense paid three months in advance

[slut_bangr]

this seems a lot more like homework than it does a random group of questions to sate your thirst for accounting knowledge.. I bet your teacher already gave you these answers or at least told you where to get them.. pay attention..