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Do you think that Gold’s Gym International processes, records and summarizes its transactions using a computer system?. Yes No. Would Gold’s Gym International use the accounting equation to analyze and record its transactions?. Yes No.

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  1. Do you think that Gold’s Gym International processes, records and summarizes its transactions using a computer system? • Yes • No

  2. Would Gold’s Gym International use the accounting equation to analyze and record its transactions? • Yes • No

  3. Would a company like Gold’s Gym International have controls in place to prevent and/or detect errors? • Yes • No

  4. Is it a simple process for Gold’s Gym International to organize its accounting information? • Yes • No

  5. Is cash the only category in which Gold’s Gym would want to summarize transactions? • Yes • No

  6. To debit an account is to enter an amount on the right side of the account. • True • False

  7. Liability accounts normally have credit balances. • True • False

  8. Revenues increase stockholders’ equity. • True • False

  9. Prepaid expenses are expense accounts. • True • False

  10. A trial balance is a required financial statement for a business. • True • False

  11. A debit increases expense accounts. • True • False

  12. Transactions always affect only two accounts. • True • False

  13. What are the three major parts of a T account? • A title, a debit side, and a credit side • A title, a current date, and a balance • A debit side, a credit side, and a balance • A debit side, a credit side, and a total column

  14. A credit • is on the left side • is on the right side • increases assets • decreases revenues

  15. A cash payment for wages expense affects which accounts? • Cash and Accounts Payable • Cash and a revenue account • Cash and an expense account • Cash and a stockholders’ equity account

  16. The normal balance is a credit in • Accounts Payable • Accounts Receivable • Cash • Rent Expense

  17. Assets, expenses, and owner’s drawing accounts normally have • large balances • negative balances • credit balances • debit balances

  18. The difference between the total debits and credits to an account is called a(n) • balance • ruling • footing • error

  19. A listing of accounts in the ledger is called a • trial balance • chart of accounts • journal • balance sheet

  20. Which of the following types of error will cause the trial balance totals to be unequal? • Recording the same transaction more than once • A journal entry is only partially posted, omitting the credit part to the entry • Failure to record a transaction • Incorrect accounts are used in posting the transaction.

  21. The process of transferring the debits and credits from the journal entries to the accounts in the ledger is called • posting • listing • reporting • journalizing

  22. The trial balance will show • complete proof of accuracy of the ledger • all errors that have occurred in journalizing and posting • the equality of debits and credits • a summary of all posted journal entries

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