Accounting Obj 3

Accounting Obj 3

Assessment

Flashcard

Other

12th Grade

Practice Problem

Hard

Created by

Wayground Content

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31 questions

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1.

FLASHCARD QUESTION

Front

When Mary completes the Owner's Equity Section of a Balance Sheet, what should the end result represent?

Back

The total assets should equal total liabilities plus owner's equity.

2.

FLASHCARD QUESTION

Front

Mariah Smith, Capital and Mariah Smith, Drawing are both classified as:

Back

owner's equity

3.

FLASHCARD QUESTION

Front

What is an example of an account that has a normal debit balance? Options: Accounts Payable/Ray's Office Equipment, Insurance Expense, Ray Smith, Capital, Sales

Back

Insurance Expense

4.

FLASHCARD QUESTION

Front

What is an example of an account that has a normal credit balance? Options: Cash, Accounts Payable/Jones Supply, Prepaid Insurance, Supplies

Back

Accounts Payable/Jones Supply

5.

FLASHCARD QUESTION

Front

Sales is classified as: assets, expenses, liabilities, revenue

Back

revenue

6.

FLASHCARD QUESTION

Front

What is the effect on owner's equity when a business receives $2,000 cash from sales?

Back

Owner's equity is increased by $2,000

7.

FLASHCARD QUESTION

Front

Which is an example of an account that carries a normal credit balance? Options: Cash, Joan Brown, Drawing, Supplies, Tyler Jackson, Capital

Back

Tyler Jackson, Capital

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