78.Identify the account below that is classified as a liability in a company's chart of accounts:
A. Cash
B. Unearned Revenue
C. Salaries Expense
D. Accounts Receivable
E. Supplies
79.Identify the account below that is classified as an asset in a company's chart of accounts:
A. Accounts Receivable
B. Accounts Payable
C. Common Stock
D. Unearned Revenue
E. Service Revenue
80.Identify the account below that is classified as an
asset
account:
A. Unearned Revenue
B. Accounts Payable
C. Supplies
D. Common Stock
E. Service Revenue
81.Identify the account below that is classified as a
liability
account:
A. Cash
B. Accounts Payable
C. Salaries Expense
D. Common Stock
E. Equipment
82.Identify the account below that impacts the
Equity
of a business:
A. Utilities Expense
B. Accounts Payable
C. Accounts Receivable
D. Cash
E. Unearned Revenue
83.A business uses a credit to record:
A. An increase in an expense account.
B. A decrease in an asset account.
C. A decrease in an unearned revenue account.
D. A decrease in a revenue account.
E. A decrease in an equity account.
84.A simple tool that is widely used in accounting to represent a ledger account and to understand how debits and credits affect an account balance is called a:
A. Dividends account.
B. Equity account.
C. Drawing account.
D. T-account.
E. Balance column sheet.
85.Identify the statement below that is correct.
A. The left side of a T-account is the credit side.
B. Debits decrease asset and expense accounts, and increase liability, equity, and revenue accounts.
C. The left side of a T-account is the debit side.
D. Credits increase asset and expense accounts, and decrease liability, equity, and revenue accounts.
E. In certain circumstances the total amount debited need not equal the total amount credited for a particular transaction.
86.An account balance is:
A. The total of the credit side of the account.
B. The total of the debit side of the account.
C. The difference between the total debits and total credits for an account including the beginning balance.
D. Assets = liabilities + equity.
E. Always a credit.
87.Select the account below that normally has a credit balance.
A. Cash.
B. Office Equipment.
C. Wages Payable.
D. Dividends.
E. Sales Salaries Expense.