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- 1. Multiple Choice
A business transaction is a:
Event that can be expressed using monetary terms.
Resource with monetary value.
Debts owned by the business to a person.
Credited resources to a bank account.
- 2. Multiple Choice
An asset is:
A resource owned by the business and holds monetary value.
Debts owned by the business to a person.
Creditors of a business.
Something expressed in terms of loss.
- 3. Multiple Choice
The records in a book of a business come under which correct categories?
Revenue
Owner's equity
Deferred payment
Expenses
Insurance
- 4. Open Ended
Explain what owner's equity is, what revenue is, and how they are different.
- 5. Fill in the Blank
What is the accounting equation?
_____ = __________ + ___________
- 6. Fill in the Blank
The owner's __________ can increase if additional capital is brought into the business.
- 7. Open Ended
What is a Double Entry System?
- 8. Multiple Choice
Accounting practice is based on the __________ concept.
Other
Duality
T-account
Accounting equation
None of the above
- 9. Multiple Choice
In an account, the debit side must always be _________ to the credit side.
Less than
More than
Equal to or more than
Equal to or less than
Equal
- 10. Open Ended
What is an account. Explain.
- 11. Multiple Choice
Where does the "T - Account Format" get its name from?
The name of the account starts with a "T'.
It resembles the alphabet "T".
People ran out of good names so they started using these weird letters for no reason.
"T"itle of account starts with a "T".
- 12. Fill in the Blank
The left side of the "T" is called the Debit side, and the right side is called the _________ side.
- 13. Fill in the Blank
How many ledger book types are there? (One number answer)
- 14. Open Ended
What is a ledger account?
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