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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 ChoiceAny amounts owed by a business and reported on the balance sheet are referred to as ________________.assetsliabilitiesprofitexpenses
- 4. Multiple ChoiceThe basic accounting equation is Assets=Liabilities + _______________________.IncomeOwner's EquityExpensesProfit
- 5. Multiple ChoiceAn increase in owner's equity resulting from the operation of a businessassetexpensewithdrawlrevenue
- 6. Multiple Choice
________________ 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
- 7. Multiple ChoiceAccounting is referred to as the "language of ___________________."profitlifeaccountingbusiness
- 8. Multiple Choice______________________ is the transfer of journalized transactions to their accounts.PostingRecordingUpdatingJournalizing
- 9. Multiple ChoicePlanning, recording, analyzing, and interpreting financial informationaccountingethicstransactionrevenue
- 10. Multiple ChoiceA decrease in owner's equity resulting from the operation of a businessaccountcapitalassetexpense
- 11. Multiple ChoiceFinancial reports that summarize the financial condition and operations of a businessfinancial statementsethicswithdrawalsequities
- 12. Multiple ChoiceRevenues minus expenses equals _____________________.
(Revenues-Expenses = _______________)ProfitOverheadIncomeNone of the above - 13. Multiple ChoiceThe _____________________________ is one of the main financial statement and reports the assets, liabilities, and owner's equity at a specific point in time.Income StatementBalance SheetIncome WorksheetBalance Worksheet
- 14. Multiple ChoiceAccounting entries involve a minimum of how many accounts?0123
- 15. Multiple ChoiceWhen a company buys supplies on account, the cash account does what?IncreasesDecreasesStays the sameThere is no cash account
- Answer choicesTagsAnswer choicesTags