Chapter 1 - Advanced Accounting

Chapter 1 - Advanced Accounting

10th - 12th Grade

•

34 Qs

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Chapter 1 - Advanced Accounting

Chapter 1 - Advanced Accounting

Assessment

Quiz

•

Life Skills

•

10th - 12th Grade

•

Practice Problem

•

Hard

Created by

Natalie Wood

Used 8+ times

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34 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An amount owed by a business is called a(n)

asset

equity

liability

credit

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The recording of debit and credit parts of a transaction is called

the accounting equation

posting

double entry accounting

processing

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A group of accounts is called a

ledger

special journal

journal

none of these

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Transferring information from a journal entry to a ledger account is called

ordering

recording

posting

none of these

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A journal used to record only one kind of transaction is called a

ledger

special journal

source document

none of these

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A form prepared by the customer showing a price deduction for purchases returns and allowances is called a

debit memorandum

credit memorandum

controlling account

sales invoice

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current is called

accounting

double-entry accounting

controlling accounting

none of these

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