Accounting I - Chapter 2

Accounting I - Chapter 2

Assessment

Assessment

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10th - 12th Grade

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13 questions

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1.

MULTIPLE CHOICE

30 sec • 1 pt

All accounting transactions are recorded in the accounting equation.

2.

MULTIPLE CHOICE

30 sec • 1 pt

A record summarizing all of the information pertaining to a single item in the accounting equation is known as a(n)

3.

MULTIPLE CHOICE

30 sec • 1 pt

In a T account, amounts recorded on the left side are credits.

4.

MULTIPLE CHOICE

30 sec • 1 pt

The owner's capital account is on the right side of the accounting equation and has a normal credit balance.

5.

MULTIPLE CHOICE

30 sec • 1 pt

A list of accounts used by a business is called a(n)

6.

MULTIPLE CHOICE

30 sec • 1 pt

Every transaction must affect accounts on both sides of the accounting equation.

7.

MULTIPLE CHOICE

30 sec • 1 pt

A business paid cash for supplies. How is the transaction recorded?

8.

MULTIPLE CHOICE

30 sec • 1 pt

A business sold services on account. How is this transaction recorded?

9.

MULTIPLE CHOICE

30 sec • 1 pt

A business paid cash on account. This transaction is recorded by debiting cash and crediting accounts payable.

10.

MULTIPLE CHOICE

30 sec • 1 pt

A business paid cash for insurance. How is this transaction recorded?

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