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Accounting Multiple choice questions

Sent to General Experts October 25, 2006 9:24 p.m.

2.     An increase in an expense
            a.   increases revenues.
            b.   increases assets.
            c.   decreases liabilities.
            d.   decreases stockholders' equity.

    3.     A corporation with total stockholders' equity of $75,000 paid a $20,000 business
debt. As a result of this transaction, total stockholders’ equity
            a.   did not change.
            b.   increased by $20,000.
            c.   decreased by $20,000.
            d.   increased to $95,000.

    4.     The right side of an account is always
            a.   the debit side.
            b.   the credit side.
            c.   the balance of that account.
            d.   carried forward to the next accounting period.

    5.     Posting is the process of
            a.   preparing a chart of accounts.
            b.   adding a column of figures.
            c.   transferring journal entries to ledger accounts.
            d.   recording entries in a journal.

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Answer
October 25, 2006 10:41 p.m. (1 hour and 16 minutes later)

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