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Accounting 5.1

Authored by Monica Johnson

Business

11th - 12th Grade

Used 7+ times

Accounting 5.1
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6 questions

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1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What type of accounts are revenues, expenses, and withdrawals?

permanent

occasional

temporary

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Where do temporary account balances go at the end of an accounting period?

cash account

owner's capital account

revenue account

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The term normal balance means it is the side used to record a decrease to an account.

true

false

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

A credit to a revenue account decreases the account.

true

false

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An expense account normally has a debit balance.

true

false

6.

MULTIPLE SELECT QUESTION

20 sec • 1 pt

Which transaction types increase owner's equity?

revenue

expenses

sales

investments

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