Exam

Question 1

What type of account is DIVIDENDS?

Answer 1

Equity

Question 2

What type of account is RETAINED EARNINGS?

Answer 2

Equity

Question 3

What type of account is INSURANCE EXPENSE?

Answer 3

Expense

Question 4

What type of account is SUPPLIES EXPENSE?

Answer 4

Expense

Question 5

What type of account is ACCOUNTS RECEIVABLE?

Answer 5

Asset

Question 6

What type of account is LOAN/NOTES PAYABLE?

Answer 6

Liability

Question 7

What type of account is RENT EXPENSE?

Answer 7

Expense

Question 8

What type of account is SERVICE REVENUE?

Answer 8

Revenue

Question 9

What type of account is CASH?

Answer 9

Asset

Question 10

What type of account is EQUIPMENT?

Answer 10

Asset

Question 11

What type of account is SUPPLIES?

Answer 11

Asset

Question 12

What type of account is ACCOUNTS PAYABLE?

Answer 12

Liability

Question 13

What type of account is COMMON STOCK?

Answer 13

Equity

Question 14

What type of account is LAND?

Answer 14

Asset

Question 15

What type of account is SALES REVENUE?

Answer 15

Revenue

Question 16

What type of account is ADVERTISING EXPENSE?

Answer 16

Expense

Question 17

What type of account is BONDS PAYABLE?

Answer 17

Liability

Question 18

What type of account is SALARIES/WAGE EXPENSE?

Answer 18

Expense

Question 19

What type of account is SALES TAX PAYABLE?

Answer 19

Liability

Question 20

What type of account is BUILDING?

Answer 20

Asset

Question 21

What type of account is INVENTORY?

Answer 21

Asset

Question 22

What type of account is RENT REVENUE?

Answer 22

Revenue

Question 23

What type of account is NOTES RECEIVABLE?

Answer 23

Asset

Question 24

What type of account is COST OF GOODS SOLD?

Answer 24

Expense

Question 25

DIVIDENDS: up/down with DR/CR?

Answer 25

DR - up
CR- down

Question 26

RETAINED EARNINGS: up/down with DR/CR?

Answer 26

DR - down
CR - up

Question 27

INSURANCE EXPENSE: up/down with DR/CR?

Answer 27

DR - up
CR - down

Question 28

SUPPLIES EXPENSE: up/down with DR/CR?

Answer 28

DR - up
CR - down

Question 29

ACCOUNT RECEIVABLE: up/down with DR/CR?

Answer 29

DR - up
CR - down

Question 30

NOTES PAYABLE: up/down with DR/CR?

Answer 30

DR - down
CR - up

Question 31

RENT EXPENSE: up/down with DR/CR?

Answer 31

DR - up
CR - down

Question 32

SERVICE REVENUE: up/down with DR/CR?

Answer 32

DR - down
CR - up

Question 33

CASH: up/down with DR/CR?

Answer 33

DR - up
CR - down

Question 34

EQUIPMENT: up/down with DR/CR?

Answer 34

DR - up
CR - down

Question 35

SUPPLIES: up/down with DR/CR?

Answer 35

DR - up
CR - down

Question 36

ACCOUNTS PAYABLE: up/down with DR/CR?

Answer 36

DR - down
CR - up

Question 37

COMMON STOCK: up/down with DR/CR?

Answer 37

DR - down
CR - up

Question 38

LAND: up/down with DR/CR?

Answer 38

DR - up
CR - down

Question 39

SALES REVENUE: up/down with DR/CR?

Answer 39

DR - down
CR - up

Question 40

ADVERTISING EXPENSE: up/down with DR/CR?

Answer 40

DR - up
CR - down

Question 41

BONDS PAYABLE: up/down with DR/CR?

Answer 41

DR - down
CR - up

Question 42

SALARIES/WAGE EXPENSE: up/down with DR/CR?

Answer 42

DR - up
CR - down

Question 43

SALES TAX PAYABLE: up/down with DR/CR?

Answer 43

DR - down
CR - up

Question 44

BUILDING: up/down with DR/CR?

Answer 44

DR - up
CR - down

Question 45

INVENTORY: up/down with DR/CR?

Answer 45

DR - up
CR - down

Question 46

RENT REVENUE: up/down with DR/CR?

Answer 46

DR - down
CR - up

Question 47

NOTES RECEIVABLE: up/down with DR/CR?

Answer 47

DR - up
CR - down

Question 48

COST OF GOODS SOLD: up/down with DR/CR?

Answer 48

DR - ?
CR - ?