Accounting Ch.5

Question 1

To increase withdrawals, should you record a debit or credit?

Accepted Answer

debit

Question 2

An increase to accounts payable is recorded as a debit or credit?

Accepted Answer

Credit

Question 3

Paid rent bill of $100 with check 101. This affects...

Accepted Answer

Rent Expense & Cash in Bank

Question 4

In what year was the Declaration of Independence Signed?

Accepted Answer

1776

Question 5

True or False: Advertising expense and Repairs expense are both Expense accounts

Accepted Answer

True

Question 6

Which island nation is popstar Rihanna from?

Accepted Answer

Barbados

Question 7

Is Rent Expense Temporary or Permanent?

Accepted Answer

Temporary

Question 8

The difference between permanent accounts and a temporary accounts is the temporary accounts...

Accepted Answer

are closed to zero at the end of the accounting period

Question 9

You provided car repair services for Mr. Tanner, but he is going to pay you later. This affects

Accepted Answer

Accounting = Life, Repairs Revenue & Accounts Receivable

Question 10

Revenue is a _________ account that is closed into the ___________ account.

Accepted Answer

Temporary, Capital

Question 11

You withdrew $500 from the business for personal use. The affects...

Accepted Answer

Withdrawals & Cash in Bank

Question 12

Repairs Expense is what type of account?

Accepted Answer

Expense

Question 13

Which of the following are Permanent Accounts?

Accepted Answer

Capital, Cash in Bank, Accounts Receivable

Question 14

Which One Direction member is Ed Sheeran's "Don't" reportedly about?

Accepted Answer

Niall Horman

Question 15

What type of account is Withdrawals?

Accepted Answer

Owner's Equity

Question 16

The normal balance (NB) is the side of the transaction that increases or decreases?

Accepted Answer

Increases

Question 17

A tree trimming business received $200 for tree trimming services. This affects...

Accepted Answer

Cash in Bank & Tree Service Revenue

Question 18

Which artist won the Grammy for Album of the Year with her "1989" at the 2016 Grammy Awards?

Accepted Answer

Taylor Swift

Question 19

Often referred to as the "Fifth Beatle", which English record producer died on March 8th, 2016?

Accepted Answer

George Martin

Question 20

Grooming Fees is a type of which account?

Accepted Answer

Revenue

Question 21

What type of account is Accounts Payable?

Accepted Answer

Liability

Question 22

Is Delivery Revenue temporary or permanent?

Accepted Answer

Temporary

Question 23

What type of account is Accounts Receivable?

Accepted Answer

Asset

Question 24

In a deck of cards, which is the only King without a mustache?

Accepted Answer

King of Hearts

Accounting Ch.5

Questions 24

Accounting Ch.5

Questions 24