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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?
debit
credit
- 3. Multiple Choice
capital or owners equity decreases on the _________ side?
credit
debit
payments
liability
- 4. Multiple Choice
water and electricity is an/a __________?
credit
asset
expense
income
- 5. Multiple Choice
Increase in expenses are __________
debited
credited
- 6. Multiple Choice
Purchases are expenses. So purchases are always ___________
debited
credited
- 7. Multiple Choice
Sales in an income. Hence, sales is always ___________
debited
credited
- 8. Multiple Choice
________ are debts of the business?
assets
liabilities
owners equity
vehicles
- 9. Multiple Choice
Equipment are an example of an/a ______?
loan
asset
liability
owners equity
- 10. Multiple Choice
when the owner takes money out of the business's account it is called _________?
credit
drawings
debt
borrowing
- 11. Multiple ChoiceHow would an accountant record an increase in cash?DebitCredit
- 12. Multiple ChoiceHow would an accountant record an increase in sales?debitcredit
- 13. Multiple Choice
credits are always on the
left
right
- 14. Multiple Choice
debits are always on the
left
right
- 15. Multiple ChoiceAny amounts owed by a business and reported on the balance sheet are referred to as ________________.assetsliabilitiesprofitexpenses
- 16. Multiple ChoiceThe basic accounting equation is Assets=Liabilities + _______________________.IncomeOwner's EquityExpensesProfit
- 17. Multiple ChoiceObligations (amounts owed) are reported on the balance sheet and are referred to as __________.AssetsLiabilitiesDebtOwner Equity
- 18. Multiple ChoiceResources owned by a company (such as cash, accounts receivable, vehicles) are reported on the balance sheet and are referred to as __________.AssetsLiabilitiesOwner EquityEquity
- Answer choicesTagsAnswer choicesTags