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25 questions
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- 1. Multiple Choice
Things you own
Asset
Liability
- 2. Multiple Choice
Things you owe
Asset
Liability
- 3. Multiple Choice
Initial investment plus retained earnings
Asset
Liability
Owner's Equity
- 4. Multiple Choice
Items found on a balance sheet
Income, Expense, Net Loss, Net Profit
Assets, Liabilities, Owner's Equity
Income, Liabilities
Assets, Expenses
- 5. Multiple Choice
Items found on an Income Statement
Income, Expenses, Net Profit, Net Loss
Assets, Liabilities, Owner's Equity
Income, Liabilities
Assets, Expenses
- 6. Multiple Choice
What category? Cash
Asset
Liability
- 7. Multiple Choice
What category? Accounts Receivable
Asset
Liability
- 8. Multiple Choice
What category? Inventory
Asset
Liability
- 9. Multiple Choice
What category? Mortgage
Asset
Liability
- 10. Multiple Choice
What category? Equipment
Asset
Liability
- 11. Multiple Choice
What category? Property (land, Buildings)
Asset
Liability
- 12. Multiple Choice
What category? Accounts Payable
Asset
Liability
- 13. Multiple Choice
What category? Furniture
Asset
Liability
- 14. Multiple Choice
What category? Accounts Receivable
Asset
Liability
- 15. Multiple Choice
What category? Interest Payable
Asset
Liability
- 16. Multiple Choice
What category? Electricity
Income
Expense
- 17. Multiple Choice
What category? Wages
Income
Expense
- 18. Multiple Choice
What category? Phone Service
Income
Expense
- 19. Multiple Choice
What category? Sales
Income
Expense
- 20. Multiple Choice
What category? Advertising
Income
Expense
- 21. Multiple Choice
What category? Interest Income
Income
Expense
- 22. Multiple Choice
What category? Rent
Income
Expense
- 23. Multiple Choice
What category? Wages
Income
Expense
- 24. Multiple Choice
In accounting, which of the following increases the amount in an account
Debit
Credit
- 25. Multiple Choice
In accounting, which is on the right side of an account?
Debit
Credit
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