ACCI Unit 1
Quiz
•
Business
•
9th - 12th Grade
•
Hard
Portia K Combo
Used 6+ times
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35 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is the effect when $300 cash is paid to Accounts Payable/Bob's Office Supply?
Assets decrease $300 and owner's equity decreases $300.
Assets increase $300 and owner's equity increases $300.
Assets increase $300 and liabilities decreases $300.
Assets decrease $300 and liabilities decrease $300.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Cash, Office Equipment, and Prepaid Insurance are all classified as:
assets.
liabilities.
owner's equity.
revenue.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is an example of an account that has a normal debit balance?
a. Accounts Payable/Adam's Office Supply
b. Advertising Expense
c. Mary Johnson, Capital
d. Sales
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is an example of an account that has a normal credit balance?
Cash
Joan Brown, Drawing
Supplies
Tyler Jackson, Capital
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is the effect when $200 cash is paid to an advertising agency for advertisements for the business?
a. Assets decrease $200 and owner’s equity decreases $200.
b. Assets increase $200 and owner's equity increases $200.
c. Assets increase $200 and owner's equity decreases $200.
d. Liabilities increase $200 and owner's equity decreases $200.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the effect on assets when the owner increases owner's equity by investing $1,000 in the business?
a. Decreased by $1,000
b. Decreased by $2,000
c. Increased by $1,000
d. Increased by $2,000
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is an example of an account that has a normal credit balance?
a. Advertising Expense
b. Accounts Receivable/Davis Company
c. Delivery Revenue
d. Sam Jones, Drawing
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