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18) The owner withdrew cash from the business. To record this:
A) Withdrawals is debited and an asset is credited.
B) Capital is debited and an asset is credited.
C) an expense is debited and an asset is credited.
D) None of these are correct.

19) The owner withdrew cash.
A) Withdrawals would be debited and an asset credited.
B) An asset would be debited and an expense credited.
C) An asset would be debited and a revenue credited.
D) An asset would be debited and Capital credited.

20) The process that begins with recording business transactions into a journal and ends with
completion of the fi nancial statements is the:
A) fi scal year.
B) natural business years.
C) accounting cycle.
D) calendar year.

21) Which of the following would be considered a book of original entry?
A) Work sheet
B) Journal
C) Ledger
D) Trial balance

22) The process of initially recording business transactions in a journal is:
A) journalizing.
B) posting.
C) sliding.
D) transposing.

23) The post reference column in the ledger is used to:
A) not used.
B) record the journal and page number the transactions originated.
C) record the date.
D) record the ledger number.

24) A transaction completed by Salvador Company caused a $12,000 increase in both the total
assets and the total liabilities. This transaction could have been:
A) purchase of offi ce equipment, paying $3,000 cash, and $10,000 on account.
B) purchase of offi ce equipment for $32,000, paying $20,000 cash, with the rest on account.
C) investment by the owner of an additional $12,000.
D) None of these answers are correct.
Unit 1 Examination
25) A credit to a liability account was posted to an owner

Explanation / Answer

A C B D D B A

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