Accounting Ch.5 Review

Question 1

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

Accepted Answer

debit

Question 2

Credit means ___.

Accepted Answer

Right

Question 3

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

Accepted Answer

True

Question 4

In the chart of accounts, revenue begin with __

Accepted Answer

4

Question 5

Repairs Expense is what type of account?

Accepted Answer

Expense

Question 6

decrease to office furniture

Accepted Answer

credit

Question 7

increase to utility expense

Accepted Answer

debit

Question 8

Grooming Fees is a type of which account?

Accepted Answer

Revenue

Question 9

A tree trimming business received $200 for tree trimming services. The accounts affected are..

Accepted Answer

Cash in Bank & Tree Service Revenue

Question 10

Accounts that start each new accounting period with zero balances are ___.

Accepted Answer

temporary

Question 11

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 12

What type of account is Withdrawals?

Accepted Answer

Owner's Equity

Question 13

Accounts whose balance carries over from one accounting period to the next are ___.

Accepted Answer

permanent

Question 14

businesses should separate accounts for revenue and expenses

Accepted Answer

true

Question 15

increase to accounts receivable

Accepted Answer

debit

Question 16

increase to withdrawals

Accepted Answer

debit

Question 17

Which of the following are Permanent Accounts?

Accepted Answer

Capital, Cash in Bank, Accounts Receivable

Question 18

Paid rent bill of $100 with check 101. The accounts affected are....

Accepted Answer

Rent Expense & Cash in Bank

Question 19

In the chart of accounts, expenses start with __.

Accepted Answer

5

Question 20

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

Accepted Answer

Credit

Question 21

All are expenses except.......

Accepted Answer

equipment

Question 22

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

Accepted Answer

Temporary, Capital

Question 23

increase to revenue

Accepted Answer

credit

Question 24

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

Accepted Answer

Increases

Question 25

Debit means _____.

Accepted Answer

Left

Question 26

What is the tool we use to analyze transactions?

Accepted Answer

T-Account

Question 27

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

Accepted Answer

Repairs Revenue & Accounts Receivable

Question 28

What type of account is Accounts Receivable?

Accepted Answer

Asset

Question 29

You withdrew $500 from the business for personal use. The accounts affected are...

Accepted Answer

Withdrawals & Cash in Bank

Question 30

decreases to Owner's Capital

Accepted Answer

debit

Question 31

Is Rent Expense Temporary or Permanent?

Accepted Answer

Temporary

Question 32

normal balance of capital

Accepted Answer

credit

Question 33

What type of account is Accounts Payable?

Accepted Answer

Liability

Question 34

normal balance of consulting fees

Accepted Answer

credit

Question 35

Is Delivery Revenue temporary or permanent?

Accepted Answer

Temporary

Accounting Ch.5 Review

Questions 35

Accounting Ch.5 Review

Questions 35