1. A collecton of accounts with a separte record for each is called?
General Ledger
Chart of accounts
Journal
A check register
2. In its simplest form, an account has only ___ elements?
one
two
three
four
3. The left side of any account is the _________ side?
debit
credit
the balance side
opposite the balance side
4. If the debit side of an account has a greater number than the credit side, the account is said to have a _________ balance?
credit
debit
increased
decreased
5. Assets normally have _______ balances?
debit
credit
zero
None of the above
6. Liability accounts normally have ________ balances?
debit
credit
larger balances than debit accounts
None of the above
7. Stockholders' Equity accounts normally have _________ balances?
debit
credit
the largest
None of the above
8. The right side of any account is the?
debit side
credit side
it varies
neither
9. Examples of asset accounts would be?
cash, inventory equipment
notes payable, accounts payable
common stock, retined earnings
rent epense, utilities expense, salary expense
10. Increases in account balances go on the __________ side?
balance side
opposite the balance side
on either side
none of the above
11. Decreases in account balances go on the __________ side?
debit
credit
balance
opposite balance
12. If we need to increase an asset account, we would?
credit it
put it on opposite the balance side
debit it and put it on the balance side
credit it
13.If we need to decrease an asset, we would?
credit it
debit it
put it on the balance side
none of the above
14. If we want to decrease the balance in a liability account, we would?
debit it
put it on the balance side
credit it
You cannot decrease a liability account.
15. If we need to increase a liability account, we would?
debit it
credit it
put it on opposite the balance side
You cannot increase a liability account.
Chapter 7 Accounting Test