I'm out of town right now on a hockey trip, and I won't be in class tomorrow to get the answers to the practice exam (we have our first exam on tuesday).

Just wondering if I could get some help here with some of the questions that I had trouble on, and maybe a quick explanation.



4) Which of the following would NOT result in the recording of an expense?

a) Receipt of a bill from the telephone company
b) Payment of wages
c) payment of a dividend
d) purchase of gasoline for fill-up of company car

(I'm thinking leaning towards b or d, but not sure which wouldn't be considered an expense here)

5) Which of the following errors would cause the trial balance to be out of balance?

a) a debit entry was entered in the wrong debit account
b) an entire transaction was entered in the general journal as $96 instead of $69
c) the balance of an account was incorrectly computed
d) an entire transaction was not recorded in the general journal
e) an entire journal entry was not posted to the ledger

(c seems right, but just way too simple of an answer)

6) The journal entry to record the completion of a service for which payment has not been received is
a) a debit to Accounts Recievable and a credit to Revenue from Services
b) a debit to revenue from services and a credit to accounts payable
c) a debit to revenue from services and a credit to accounts receivable
d) a debit to cash and a credit to revenue from services

(I've ruled out d, not sure which is right after that)

9) In November, cash was received in advance of rendering a service. The transaction is appropriately recorded as a debit to cash and a credit to unearned services. Iff much of the service was performed by December 31, the adjusting entry would be
a)a debit to unearned services and a credit to cash
b)a debit to revenue from services and a credit to prepaid services
c) a debit to unearned services and a credit to revenues of services
d) a debit to cash and a credit to revenue from services
e) a debit to prepaid services and a credit to revenue from services

(ruled out a and d, still unsure after that)

10)Which of the following accounts is a real (permanent) account?
a) Dividends
b) Unearned revenues
c) Advertising expense
d) Sales

(I'm pretty sure B, but couldn't find this)


This is from a matching section, only missing this one:

Match the classifications scheme for a balance sheet with the account type:

a)current assets
b) investments
c) property, plant, and equipment
d) intangible assets
e) current liabilities
f) long-term liabilities
g) owner's equity
h) not on balance sheet

1) Supplies - A
2) Bond Sinking Fund - ??????
3) Current installment of long-term debt - E
4) Depreciation Expense - H
5) Patents - D



I may have more later, as I haven't finished the practice exam yet, but I have a game soon tonight so I need to prep for that and then get back to this practice exam later.

C
C
C
C
C

C
C
A
C
B

I believe...

c
c
a
c
b

hlacheen was right.

Most of thsi material sshould be in your course notes/power point slides/book/etc and is pretty basic. The hard part is doing the numbers in practice. Intro to ACCT is pretty easy though IMO (never taken other ACCT classes)

Have my book and got most the answers through there, these were just a little trickier to find.

c
c
a
c
b

hlacheen was right.

Most of thsi material sshould be in your course notes/power point slides/book/etc and is pretty basic. The hard part is doing the numbers in practice. Intro to ACCT is pretty easy though IMO (never taken other ACCT classes)