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- 1. Multiple ChoiceHow would an accountant record an increase in cash?DebitCredit
- 2. Multiple ChoiceHow would an accountant record an increase in sales?debitcredit
- 3. Multiple ChoiceExpensedebitcredit
- 4. Multiple Choicecredits on theleftright
- 5. Multiple ChoiceThe period of time covered by an accounting report is the accounting period.TrueFalse
- 6. Multiple ChoiceAny amounts owed by a business and reported on the balance sheet are referred to as ________________.assetsliabilitiesprofitexpenses
- 7. Multiple ChoiceThe basic accounting equation is Assets=Liabilities + _______________________.IncomeOwner's EquityExpensesProfit
- 8. Multiple ChoiceAn increase in owner's equity resulting from the operation of a businessassetexpensewithdrawlrevenue
- 9. Multiple ChoiceAnything of value that is owned by the company (such as cash, accounts receivables, vehicles, etc.) are reported on the balance sheet and are referred to as _______________.assetsliabilitiesprofitincome
- Answer choicesTagsAnswer choicesTags