A credit customer paid $850 toward
his accounts receivable. The accountant recorded a credit to the revenue
account. This error would cause __________.
A. revenue to be understated
B. cash to be overstated
C.
accounts receivable to be overstated
D. liabilities to be understated
A credit to a liability account was
posted to an expense account. This error would cause __________.
A. assets to be overstated
B. liabilities to be overstated
C. expenses to be overstated
D.
None of the above answers are correct
A credit to an asset account was
posted to a liability account. This error would cause __________.
A. assets to be understated
B.
liabilities to be overstated
C. capital to be understated
D. None of the above answers are
correct.
A debit to an expense account was
posted to a revenue account. This error would cause
A. assets to be overstated
B. liabilities to be overstated
C.
revenue to be understated
D. None of the above answers are
correct.
A withdrawal by the owner was posted
to an expense account. This error would cause
A. assets to be overstated
B. liabilities to be understated
C. withdrawals to be overstated
D.
expenses to be overstated
A credit to an asset account was
posted to a revenue account. This error would cause
A. assets to be overstated
B. revenue to be overstated
C. expenses to be overstated
D.
Both A and C are correct.
A debit to an asset account was
posted to a liability account. This error would cause
A.
assets to be understated
B. liabilities to be overstated
C. capital to be overstated
D. None of the above answers are
correct.
A debit to a liability account was
posted to a revenue account. This error would cause
A.
revenues to be understated
B. liabilities to be understated
C. capital to be overstated
D. None of the above answers are
correct.
An account that would be increased
by a debit is __________.
A.
cash
B. fees earned
C. capital
D. accounts payable
A debit to an asset account was
posted to an expense account. This error would cause
A. liabilities to be overstated
B. expenses to be overstated
C. assets to be understated
D.
Both B and C are correct.
A compound transaction was recorded
as follows: debit Equipment, $5,000; debit Cash, $1500; credit Accounts
Payable, $3,500. This error would cause
A.
assets to be overstated
B. assets to be understated
C. liabilities to be overstated
D. liabilities to be understated
A credit to a liability account was
posted to an asset account. This error would cause
A. liabilities to be overstated
B. liabilities to be understated
C. revenues to be overstated
D. revenues to be understated
A credit to an asset account was
posted to the capital account. This error would cause?
A.
assets to be overstated
B. liabilities to be overstated
C. capital to be understated
D. Both A and C are correct.
A debit to a liability account was
posted to a revenue account. This would cause
A. assets to be overstated
B.
liabilities to be overstated
C. capital to be overstated
D. revenue to be overstated
A credit to an asset account was
posted to a liability account. This would cause
A. assets to be understated
B.
liabilities to be overstated
C. capital to be overstated
D. revenue to be overstated
A credit to an asset account was
posted to a revenue account. This would cause
A. assets to be understated
B. liabilities to be understated
C. capital to be understated
D.
revenue to be overstated
A debit to a liability account was
posted to an expense account. This would cause
A. assets to be overstated
B. liabilities to be understated
C. owner’s equity to be overstated
D.
expenses to be overstated
The journal entry to record a
withdrawal by the owner would most commonly include __________.
A. a debit to Wage Expense and a
credit to Cash
B. a debit to Capital and a credit
to Cash
C.
a debit to Withdrawals and a credit to Cash
D. a debit to Cash and a credit to
Wage Expense
A debit to the capital account was
posted to an expense account. This would cause
A. assets to be overstated
B. liabilities to be understated
C.
capital to be overstated
D. expense to be understated
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