Accounting 104 CH 1-9 REVIEW NEW

Accounting 104 CH 1-9 REVIEW NEW

Assessment

Flashcard

Business

11th - 12th Grade

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

Student preview

quiz-placeholder

23 questions

Show all answers

1.

FLASHCARD QUESTION

Front

The normal balance side of an asset account is the

Back

debit side

2.

FLASHCARD QUESTION

Front

The normal balance side of any expense account is: debit side, credit side, right side, none of the above

Back

debit side

3.

FLASHCARD QUESTION

Front

When a business pays for insurance, Prepaid Insurance is

Back

increased with a debit

4.

FLASHCARD QUESTION

Front

When supplies are bought on account, the account debited is

Back

Supplies

5.

FLASHCARD QUESTION

Front

The procedure for transferring information from a journal entry to a ledger account is:

Back

posting

6.

FLASHCARD QUESTION

Front

A business has total cash of $30,000 on account, buys insurance coverage of $750, buys supplies for $1200, and pays $300 more on account. What is the balance of the cash account now?

Back

$30,000 - $750 - $1,200 - $300 = $27,750

7.

FLASHCARD QUESTION

Front

Journal entries used to prepare temporary accounts for a new fiscal period.

Back

Closing Entries

Create a free account and access millions of resources

Create resources

Host any resource

Get auto-graded reports

Google

Continue with Google

Email

Continue with Email

Classlink

Continue with Classlink

Clever

Continue with Clever

or continue with

Microsoft

Microsoft

Apple

Apple

Others

Others

Already have an account?