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- 1. Multiple Choice
An Asset is:
Refers to items that are owned
Refers to amounts that are owed to others
Refers to amounts earned
- 2. Multiple Choice
Complete the following statement .Assets=....
Owners equity +liabilities
Bank + Owners equity
Liabilities +Bank
- 3. Multiple Choice
What type of an account is cash?
ASSET
LIABILITIES
OWNER'S EQUITY
- 4. Multiple Choice
What type of an account is Capital?
ASSET
LIABILITIES
OWNER'S EQUITY
- 5. Multiple Choice
Paid cash on Account- which 2 accounts are being affected?
CASH & ACCOUNTS PAYABLE
CASH & CAPITAL
CASH & SUPPLIES
SUPPLIES & ACCOUNTS PAYABLE
- 6. Multiple Choice
Bought supplies on account
Which 2 accounts are being affected?
CASH & SUPPLIES
SUPPLIES & CAPITAL
ACCOUNTS PAYABLE & CASH
ACCOUNTS PAYABLE & SUPPLIES
- 7. Multiple Choice
__________________ is the language of business.
Finance
Business Essentials
Accounting
English
- 8. Multiple ChoiceLiabilities often have the word __________ in their account title.AssetsPayablePaidEquity
- 9. Multiple ChoiceWhich term is associated with "right" or "right-side"?DebitCreditPlusMinus
- 10. Multiple ChoiceThe listing of all of the accounts available for use in a company's accounting system is known as the __________.Chart of AccountsJournalLedgerCredit Ledger
- 11. Multiple ChoiceWhat will usually cause an asset account to increase?DebitCredit
- 12. Multiple ChoiceWhat will usually cause the liability account Accounts Payable to increase?DebitCredit
- 13. Multiple ChoiceRevenues minus expenses equals:AssetsLiabilitiesOwner EquityNet Income
- 14. Multiple ChoiceCash received means Cash is:DecreasedIncreased
- 15. Multiple Choice
A general Leger/T) has a ______ and _______ side.
cash receipt and debtors
debit and payments
debit and credit
creditors and debtors
- 16. Multiple Choice
assets decreases on the _______ side?
debit
two
credit
sixth
- 17. Multiple ChoiceAny amounts owed by a business and reported on the balance sheet are referred to as ________________.assetsliabilitiesprofitexpenses
- 18. Multiple Choice
Owner invests $1200 cash into their business.
Which 2 accounts are being affected?
ACCOUNTS PAYABLE & CAPITAL
CASH & ACCOUNTS PAYABLE
CAPITAL & CASH
CASH & SUPPLIES
- Answer choicesTagsAnswer choicesTags