
Accounting transactions
Authored by Priscilla Ross
Business
11th - 12th Grade
Used 5+ times

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25 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does GAAP stand for ?
General account accuracy principles
General accepted accounting principles
General accountants account property
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Credit purchases of inventory are recorded in which journal?
Cash receipts journal
Cash payments journal
Credit purchases journal
Credit sales journal
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Accounts payable are known as the
Customers
Friends
Suppliers
Employees
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A __________ amount will appear on the left side of a T-account.
Credit
Debit
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An Asset is:
Refers to items that are owned
Refers to amounts that are owed to others
Refers to amounts earned
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Complete the following statement .Assets=....
Owners equity +liabilities
Bank + Owners equity
Liabilities +Bank
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What two accounts are involved when you receive cash from owner as an investment?
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