Accounting Cycle - Service Business

Front

Which type of business does NOT provide physical goods to a customer?
Options: Goods business, Service business, Tangible business

Back

Service business

Front

Which of the following is NOT an example of a liability? Unearned service revenue, Accounts receivable, Accounts payable

Back

Accounts receivable

Front

Which of the following does a debit represent? An increase in any account , The right side of the accounting equation, The left side of the accounting equation

Back

The left side of the accounting equation

Front

Which of the following refers to payments made by the business to help them earn value? "earn = earnings = sales"

Back

Expenses

Front

Which of the following is an example of a stockholder’s equity account? Retained earnings, Cash, Unearned revenue

Back

Retained earnings

Front

Which of the following indicates at least two accounts are affected by a transaction?
Options:
Double-entry system,
Normal balance,
Debit,
Credit

Back

Double-entry system

Front

Which of the following refers to the balance an account is always supposed to have? Normal balance, Debit, Credit, Double Entry System

Back

Normal balance

Front

Where would an increase in an asset be placed on a T-account?

Back

Left side

Front

A customer paying $100 for a service with a credit card would be a debit to which account?

Back

Accounts receivable

Front

A company immediately receiving $100 cash for providing a service would record the transaction by crediting which account?

Back

Service revenue