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ACC1100 - ACF1100 - Introduction to financial accounting - S1 2025

ACC1100 - ACF1100 - Introduction to financial accounting - S1 2025

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When a service has been performed but no cash has been received, which of the following statements is true under accrual accounting:

The entry includes a debit to Accounts receivable.

The entry includes a credit to Unearned revenue.

The entry includes a debit to Accounts payable.

No journal entry is made.

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If the sum of the debit column equals the sum of the credit column in a trial balance, it indicates:

The mathematical equality of the accounting equation.

No errors can be discovered.

That all accounts reflect correct balances.

No errors have been made.

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Which of the following errors would cause the trial balance to be out of balance:

A transaction was not posted.

A payment of $148 to a creditor was posted as a debit to Accounts payable and a debit of $148 to Cash.

Cash received from a customer on account was posted as a debit of $350 to Cash and as a credit of $350 to Accounts payable.

A payment of $59 for supplies was posted as a debit of $95 to Supplies and a credit of $95 to Cash.

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Which of the following errors in the recording process would be detected when a trial balance is completed?

An incorrect number was entered on both sides of the entry (e.g. 100 instead of 700).

A number might have been transcribed (e.g. recording 582 in one ledger and 528 in the other).

An incorrect account might have been used (e.g. cash instead of accounts receivable)

An entry might have been left out altogether (not recorded).

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Which of the following statement about the rules of debit and credit is incorrect?

Incomes increase with credits and capital decreases with credits

Capital increases with credits, while assets decrease with credits

Assets increase with debits, while liabilities decrease with debits

Expenses and drawings increase with debits

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Which of the following is the correct entry when the owner records income earned and received for the week:

No entry is required

Increase cash and increase income receivable

Increase cash and increase income

Increase cash and increase income payable

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When a business receives an electricity bill, under accrual accounting it should:

Decrease Electricity Payable and increase Electricity Expense.

Increase Electricity Expense and increase Accounts Receivable.

Increase Electricity Expense and increase Electricity Payable.

Make no entry until the bill is paid.

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When a business has performed a service but has not yet received payment, under accrual accounting it:

Makes no entry until the cash is received.

Increases an asset and increases a liability.

Decreases income and decreases an asset.

Increases an asset and increases income.

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A purchase of office supplies on credit will result in which of the following journal entries:

Decreases a liability and increases equity

Increases an asset and increases a liability

Increases an asset and decreases an asset

Decreases an asset and decreases a liability

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When the owner contributes cash to the business, the following will be recorded:

Increase assets and decrease equity.

Increase assets and increase liabilities.

Increase assets and increase equity.

Increase liabilities and increase equity.

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