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Mechanics of the Accounting Cycle: Homework Help Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

Page 1

Question 1 1. Source documents give the information needed to complete _____.

Question 2 2.

Rinate Company Ltd has the following details available:

Net Income is $123,200

Total asset valued at $258,600

Total Liabilities valued at $25300

Total Equity valued at $40000

Calculate the Return on Assets.

Question 3 3. A(n) _____ is a listing of all the accounts of a business and their balances and is created after all transactions for a period have been journalized and posted.

Question 4 4. The book of final entry is called the:

Question 5 5. In which account is equity that comes from the sale of stocks or bonds categorized?

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Question 6 6. Calculate this company's quick ratio using the balance sheet image.

Question 7 7. The _____ is the financial statement that lists all of a company's accounts and the balances in them.

Question 8 8. Using the image of the balance sheet, what is this company's current ratio?

Question 9 9. Double entry accounting requires that for every one transaction there will be at least _____ accounts affected.

Question 10 10. The type of account that 'shows what a company owes' is a(n) ___________ account.

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Question 11 11. Jarett orders and purchases two laptops for his company usage on account. The ordered laptops amounted to $1,200. Identify the two accounts that are used for this transaction.

Question 12 12. The book or computer printout that contains the accounts is called the:

Question 13 13. How is a debit different from a credit?

Question 14 14. Why are debits and credits used in accounting?

Question 15 15. The book that contains every single transaction that has occurred in a business and is recorded in chronological order is called a _____.

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Question 16 16. As a general rule, companies are able to meet their short-term liabilities if they have a quick ratio of _____.

Question 17 17. A complete journal entry will always have both a _____.

Question 18 18. What is an entry made on the left side of an account?

Question 19 19. A place to record transactions that occur within a business is called a(n) _____.

Question 20 20. In accounting, pieces of paper that prove that a transaction occurred are called _____.

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Question 21 21. Which of the following is NOT an asset for a company?

Question 22 22. How many accounts are to be recorded by a business transaction with a double-entry accounting?

Question 23 23. Which of the following are part of the accounting equation?

Question 24 24. The account type that shows what a company owes is called a(n) _____.

Question 25 25. The visuals that are used to help accounting professionals see the effects of transactions on accounts are called _____.

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Question 26 26. Calvin owns a flower business and has to pay an electricity bill amounting to $290. How will his account officer record the transaction?

Question 27 27. The double-entry accounting system states that for each and every transaction that a company has _____ or more accounts will be affected.

Question 28 28. The _____ is the financial statement that tells how much money a company made or lost in a given time period.

Question 29 29. Why must the amount debited and the amount credited in each transaction be equal?

Question 30 30. The account category that shows what a company owns is called _____.

Mechanics of the Accounting Cycle: Homework Help Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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