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30 seconds
1 pt
How would an accountant record an increase in cash?
Debit
Credit
Multiple Choice
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30 seconds
1 pt
How would an accountant record an increase in sales?
debit
credit
Multiple Choice
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30 seconds
1 pt
Any amounts owed by a business and reported on the balance sheet are referred to as ________________.
assets
liabilities
profit
expenses
Multiple Choice
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30 seconds
1 pt
The basic accounting equation is Assets=Liabilities + _______________________.
Income
Owner's Equity
Expenses
Profit
Multiple Choice
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30 seconds
1 pt
An increase in owner's equity resulting from the operation of a business
asset
expense
withdrawl
revenue
Multiple Choice
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30 seconds
1 pt
________________ is prepared at the end of the accounting period to show the financial position o f business
Profit & loss account
Balance sheet
Profit & loss statement
Satetment of financial position
Multiple Choice
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30 seconds
1 pt
Accounting is referred to as the "language of ___________________."
profit
life
accounting
business
Multiple Choice
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30 seconds
1 pt
______________________ is the transfer of journalized transactions to their accounts.
Posting
Recording
Updating
Journalizing
Multiple Choice
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30 seconds
1 pt
Planning, recording, analyzing, and interpreting financial information
accounting
ethics
transaction
revenue
Multiple Choice
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30 seconds
1 pt
A decrease in owner's equity resulting from the operation of a business
account
capital
asset
expense
Multiple Choice
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30 seconds
1 pt
Financial reports that summarize the financial condition and operations of a business
financial statements
ethics
withdrawals
equities
Multiple Choice
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30 seconds
1 pt
Revenues minus expenses equals _____________________. (Revenues-Expenses = _______________)
Profit
Overhead
Income
None of the above
Multiple Choice
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30 seconds
1 pt
The _____________________________ is one of the main financial statement and reports the assets, liabilities, and owner's equity at a specific point in time.
Income Statement
Balance Sheet
Income Worksheet
Balance Worksheet
Multiple Choice
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30 seconds
1 pt
Accounting entries involve a minimum of how many accounts?
0
1
2
3
Multiple Choice
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30 seconds
1 pt
When a company buys supplies on account, the cash account does what?