Accounting Chapter 2
Quiz
•
Business
•
9th - 12th Grade
•
Practice Problem
•
Medium
Daniel Fauth
Used 121+ times
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18 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An accounting device used to analyze a transaction is a T account.
true
false
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An amount recorded on the left side of a T account is a credit.
true
false
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Each asset account has a normal debit balance.
true
false
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Each liability account has a normal credit balance.
true
false
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Asset accounts increase on the credit side.
true
false
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The account classification for Prepaid Insurance.
asset
liability
owner's equity
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The account classification for rent expense.
asset
liability
owner's equity
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