
ACCOUNTING CHAPTER 1 TEST
Authored by Chelsey Gilmore
Business
9th - 12th Grade
CCSS covered
Used 2+ times

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33 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The accounting assumption that a business exists independently of its owner’s personal holdings
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The amount remaining after the value of all liabilities is subtracted from the value of all assets is ____.
the fair market value of the business
owner's equity
a financial report
a transaction
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The accounting equation is most often stated as ____.
Assets = Liabilities
Cash = Assets
Assets = Liabilities + Owner's Equity
Liabilities + Assets = Owner's Equity
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the United States, recording business transactions in dollars is an application of the accounting concept
Unit of Measurement
Business Entity
Going Concern
Separation of Records
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The account used to summarize the owner's equity in a business is ____.
equity
owner's equity
capital
a liability
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If cash is increased by $2,000.00 when the owner invests cash in the business, then capital is ____.
increased by $2,000.00
decreased by $2,000.00
increased by $1,000.00
not changed
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When a transaction changes both sides of the accounting equation, ____.
an increase on the right side must offset a decrease on the left side
an increase on the left side must equal an increase on the right side
neither side of the equation changes
none of the above
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