Test Review

Test Review

Professional Development

9 Qs

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Test Review

Test Review

Assessment

Quiz

Other

Professional Development

Practice Problem

Medium

Created by

Nicole Chuchmach

Used 2+ times

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9 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The posting of a transaction refers to entering amounts in the ledger accounts as directed by general ledger journal entries

True

False

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Nicole paid $5,000 on an account payable. What statement is correct

Debit cash $5,000, credit accounts payable $5,000

Debit accounts payable $5,000, credit accounts receivables $5,000

Debit accounts payable $5,000, credit cash $5,000

Debit cash $5,000, credit accounts receivable $5,000

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Debits increase assets

True

False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The cost principle of valuing assets may not indicate the true value of the assets as time goes by

True

False

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The materiality of a particular transaction may need to be considered in deciding whether or not to conform to the other accounting principles.

True

False

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The owner of a hotel borrowed $300,000 on a mortgage payable. Which of the following statements is correct?

Debit mortgage payable $300,000, credit cash $300,000

Debit cash $300,000, credit owner's equity $300,000

Debit cash $300,000, credit mortgage payable $300,000

Debit owner's equity $300,000, credit mortgage payable $300,000

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Cash basis accounting should never be used in a hospitality business

True

False

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