131.The entire group of accounts maintained by a company is called the
a.statement of cash flows.
b.general journal.
c.general ledger.
d.trial balance.
132.An accounting record of the balances of all assets, liabilities, and equity accounts is called
a.compound entry.
b.general journal.
c.general ledger.
d.chart of accounts.
133.The usual ordering of accounts in the general ledger is
a.assets, liabilities, share capital?ordinary, retained earnings, dividends, revenues, and expenses.
b.assets, liabilities, dividends, share capital?ordinary, retained earnings, expenses, and revenues.
c.liabilities, assets, share capital?ordinary, retained earnings, revenues, expenses, and dividends.
d.Share capital?ordinary, retained earnings, assets, liabilities, dividends, expenses, and revenues.
134.Management could determine the amounts due from customers by examining which ledger account?
a.Service Revenue
b.Accounts Payable
c.Accounts Receivable
d.Supplies
135.A three column form of account is so named because it has columns for
a.debit, credit, and account name.
b.debit, credit, and reference.
c.debit, credit, and balance.
d.debit, credit, and date.
136.On August 13, 2014, Merrill Enterprises purchased equipment for $1,500 and supplies of $300 on account. Which of the following journal entries is recorded correctly and in the standard format?
a.Equipment..........................................1,500
Account Payable.....................................1,800
Supplies300
b.Equipment...........................................1,500
Supplies300
Accounts Payable.....................................1,800
c.Accounts Payable.....................................1,800
Equipment1,500
Supplies............................................300
d.Equipment..........................................1,500
Supplies300
Accounts Payable......................................1,800
137.Robitaille Company received a cash advance of $500 from a customer. As a result of this event,
a.assets increased by $500.
b.equity increased by $500.
c.liabilities decreased by $500.
d.revenues increased by $500.
138. Pastorek Company purchased equipment for $1,800 cash. As a result of this event,
a.equity decreased by $1,800.
b.total assets increased by $1,800.
c.total assets remained unchanged.
d.total liabilities increased by $1,800.
139. Root Company provided consulting services and billed the client $2,500. As a result of this event,
a.assets remained unchanged.
b.assets increased by $2,500.
c.equity increased by $2,500.
d.Both assets and equity increased by $2,500.
140.The first step in posting involves
a.entering in the appropriate ledger account the date, journal page, and debit amount shown in the journal.
b.writing in the journal the account number to which the debit amount was posted.
c.writing in the journal the account number to which the credit amount was posted.
d.entering in the appropriate ledger account the date, journal page, and credit amount shown in the journal.