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Accounting Chapter 1

Authored by Nancy Smith

Life Skills

9th - 12th Grade

Used 10+ times

Accounting Chapter 1
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19 questions

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1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Amount owed by a business

liability
asset
capital
account

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Assets taken out of a business for the owner's personal use

capital
withdrawals
equities
revenue

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

A business owned by one person

service business
revenue
expense
proprietorship

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

An increase in owner's equity resulting from the operation of a business

asset
expense
withdrawl
revenue

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

When cash is received, the cash account does what?

Increases
Decreases
Stays the same
There is no cash account

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

When a company pays a bill using cash, the cash account does what?

Increases
Decreases
Stays the same
There is no cash account

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Received cash from owner as investment

Increase cash & capital
Decrease cash & capital
Increase assets & liabilities
Decreases assets & liabilities

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