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- 1. Multiple Choice
Double entry in accounting means there must be________ entries for every transaction?
two
Three
six
one
- 2. Multiple Choice
Assets increase on the ________ side?
subsidiary
T-account
credit
debit
- 3. Multiple Choice
A general Leger/T) has a ______ and _______ side.
cash receipt and debtors
debit and payments
debit and credit
creditors and debtors
- 4. Multiple Choice
owners equity decreases on the _________ side?
credit
debit
payments
liability
- 5. Multiple Choice
assets decreases on the _______ side?
debit
two
credit
sixth
- 6. Multiple Choice
________ are debts of the business?
assets
liabilities
owners equity
vehicles
- 7. Multiple Choice
Equipment are an example of an/a ______?
loan
asset
liability
owners equity
- 8. Multiple Choice
trading stock is an/a ________?
equity
liabilities
assets
owners equity
- 9. Multiple Choice
when the owner takes money out of the business's account it is called _________?
credit
drawings
debt
borrowing
- 10. Multiple Choice
water and electricity is an/a __________?
credit
asset
expense
income
- 11. Multiple Choice
rates and taxes are an/a ________?
profit
income
VAT
Expense
- 12. Multiple Choice
_______ can also be in a form of assets?
tax
capital
customers
bank
- 13. Multiple Choice
general ledgers are _________?
VAT
Mark-Up
debit
T-account
- 14. Multiple Choice
opening balance is __________?
balance of payments
balance carried down
balance broad-down
money
- 15. Multiple ChoiceHow would an accountant record an increase in cash?DebitCredit
- 16. Multiple ChoiceHow would an accountant record an increase in sales?debitcredit
- 17. Multiple ChoiceExpensedebitcredit
- 18. Multiple Choicecredits on theleftright
- 19. Multiple ChoiceThe period of time covered by an accounting report is the accounting period.TrueFalse
- 20. Multiple ChoiceAny amounts owed by a business and reported on the balance sheet are referred to as ________________.assetsliabilitiesprofitexpenses
- 21. Multiple ChoiceThe basic accounting equation is Assets=Liabilities + _______________________.IncomeOwner's EquityExpensesProfit
- 22. Multiple ChoiceAn increase in owner's equity resulting from the operation of a businessassetexpensewithdrawlrevenue
- 23. 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
- 24. Multiple Choice
A __________ amount will appear on the left side of a T-account.
Credit
Debit
- 25. Multiple Choice
An Asset is:
Refers to items that are owned
Refers to amounts that are owed to others
Refers to amounts earned
- 26. Multiple Choice
Accounts Payable is classified as a/an ___________ in the _____________.
Current asset; Balance Sheet
Current liability; Balance Sheet
Expense; Income Statement
Revenue; Income Statement
- 27. Multiple Choice
Complete the following statement .Assets=....
Owners equity +liabilities
Bank + Owners equity
Liabilities +Bank
- 28. Multiple Choice
Sale is made to a customer on credit terms. Which of A,L,O/E isn'n part of the transaction?
ASSETS
LIABILITIES
EQUITY
- 29. Multiple Choice
Car is bought on credit from a supplier. Which of A,L,O/E is not part of the transaction?
EQUITY
ASSET
LIABILITY
- 30. Multiple ChoiceAn Asset is anything of value that is owned.TrueFalse
- 31. Multiple ChoiceA Liability is an amount owed by a business.TrueFalse
- 32. Multiple ChoiceAssets = Liability + Owner's Equity is known as _____________?The Accounting ConundrumThe Accounting EquationThe Accounting ProblemThe Accounting Equalizer
- 33. Multiple ChoiceBusiness Ethics is the use of ethics in making business decisions.TrueFalse
- 34. Multiple ChoiceEthics is the principals of right and wrong that guide an individual in making decisions.TrueFalse
- 35. Multiple ChoiceAn equation showing the relationship among assets, liabilities, and owners equity is referred to as the Mathmatical Equilibrium.TrueFalse
- 36. Multiple ChoiceOwner's Equity is the amount remaining after the value of all liabilities is subtracted from the value of all assets.TrueFalse
- 37. Multiple Choice
What type of an account is Capital?
ASSET
LIABILITIES
OWNER'S EQUITY
- 38. 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
- 39. Multiple Choice
The accounting equation must always be
balanced
uneven
zero
equal to the square root of 5
- 40. Multiple Choice
__________________ is the language of business.
Finance
Business Essentials
Accounting
English
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