Accounting : ACC370 Grand Canyon Mod 2 Week 2 Debit Permanent Account Quiz

Module 2 Practice Quiz 11. Debit always means:a. right side of an account.b. increase.c. decrease.d. none of these.2. Which of the following is a real (permanent) account?a. Goodwillb. Salesc. Accounts Receivabled. Both Goodwill and Accounts Receivable3. The accounting equation must remain in balance:a. throughout each step in the accounting cycle.b. only when journal entries are recorded.c. only at the time the trial balance is prepared.d. only when formal financial statements are prepared.4. A trial balance may prove that debits and credits are equal, but:a. an amount could be entered in the wrong account.b. a transaction could have been entered twice.c. a transaction could have been omitted.d. all of these.5. A journal entry to record the sale of inventory on account will include a:a. debit to inventory.b. debit to accounts receivable.c. debit to sales.d. credit to cost of goods sold.6. An adjusting entry should never include:a. a debit to an expense account and a credit to a liability account.b. a debit to an expense account and a credit to a revenue account.c. a debit to a liability account and a credit to revenue account.d. a debit to a revenue account and a credit to a liability account.7. Which of the following properly describes a deferral?a. Cash is received after revenue is earned.b. Cash is received before revenue is earned.c. Cash is paid after expense is incurred.d. Cash is paid in the same time period that an expense is ...


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