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Accounting Review Chapters 1-5

Authored by Amy Barnes

Life Skills

9th - 12th Grade

Used 6+ times

Accounting Review Chapters 1-5
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30 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A drawing account is decreased by debits and increased by credits.

True

False

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A list of accounts used by a business is a chart of accounts.

True

False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When a business pays for insurance, Prepaid Insurance is

Increased by a debit

increased by a credit

decreased by a debit

decreased by a credit

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An endorsement restricting further transfer of a check's ownership.

restrictive endorsement

special endorsement

blank endorsement

cryptic endorsement

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A check that a bank refuses to pay.

dishonored check

electronic funds transfer

endorsed check

none of these

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A report of deposits, withdrawals, and bank balances sent to a depositor by a bank.

bank statement

debit card

electronic funds transfer

postdated check

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A report of deposits, withdrawals, and bank balances sent to a depositor by a bank.

bank statement

debit card

electronic funds transfer

postdated check

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