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20240620193828_66748534d3361_college_accounting_15e_slater_tb-64

The document presents a series of accounting problems related to accounts payable, cash balances, and posting errors. It includes questions about normal balances, cash flow calculations, and the effects of posting errors on financial statements. Each question is followed by multiple-choice answers and the correct answer is provided for each scenario.

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milkah mwaura
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5 views1 page

20240620193828_66748534d3361_college_accounting_15e_slater_tb-64

The document presents a series of accounting problems related to accounts payable, cash balances, and posting errors. It includes questions about normal balances, cash flow calculations, and the effects of posting errors on financial statements. Each question is followed by multiple-choice answers and the correct answer is provided for each scenario.

Uploaded by

milkah mwaura
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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24) Accounts Payable Has A Normal Balance Of $1100.

After Paying $300 To Creditors, The


Balance In The Account Is:
A) Debit $800.
B) Debit $1400.
C) Credit $800.
D) Credit
$1400. Answer:
C Difficulty:2
LO: 2-2
AACSB: Analytical Thinking
Learning Outcome: Analyze And Record Transactions And Their Effects On The Financial
Statements

25) The Beginning Balance In Cash Was $5000. Additional Cash Of $2600 Was Received. Checks
Were Written Totaling $3300. The Ending Balance In Cash Is:
A) $2400.
B) $7600.
C) $5700.
D) $4300.
Answer: D
Explanation: ($5000 + $2600) - $3300 = $4300
Difficulty:2
LO: 2-2
AACSB: Analytical Thinking
Learning Outcome: Analyze And Record Transactions And Their Effects On The Financial
Statements

26) A Credit To An Asset Account Was Posted As A Credit To The Revenue Account. This Error
Would Cause: A) Revenue To Be Overstated.
B) Liabilities To Be Overstated.
C) Capital To Be
Understated. D) Both A
And C Are Correct.
Answer: A
Difficulty:2
LO: 2-2
AACSB: Analytical Thinking
Learning Outcome: Analyze And Record Transactions And Their Effects On The Financial
Statements

27) A Credit To A Liability Account Was Posted As A Credit To An Expense Account. This Error
Would Cause: A) Assets To Be Overstated.
B) Liabilities To Be
Overstated. C) Expenses To
Be Overstated. D) Liabilities
To Be Understated. Answer:
D
Difficulty:2

14
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