Accounting Chapter 2

Accounting Chapter 2

10th - 12th Grade

29 Qs

quiz-placeholder

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Accounting Chapter 2

Accounting Chapter 2

Assessment

Quiz

10th - 12th Grade

Practice Problem

Medium

Created by

Michelle Henley

Used 284+ times

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29 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An accounting device used to analyze transactions is a T account.

True

False

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Decreases to liability accounts are recorded on the credit side.

True

False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

To summarize withdrawal information separately from the other records, owner withdrawal transactions are recorded in the owner's capital account.

True

False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An amount recorded on the right side a T account is a debit.

True

False

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Each asset account has a normal credit balance.

True

False

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Prepaid Insurance is decreased with a credit.

True

False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Cash is increased with a debit.

True

False

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