
Test Review
Authored by Nicole Chuchmach
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Professional Development
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9 questions
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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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