PUHSD Acct 1-2 Sem 2 (Q4) Final Exam Review

What effect does an expense have on owner's equity?

• Increase by a debit

• increase by a credit

• decrease by a debit

• decrease by a credit

How is the CASH account affected in this transaction: Received cash for sale, $1500

• Increase by a debit

• increase by a credit

• decrease by a debit

• decrease by a credit

How is the CASH account affected in this transaction: Paid cash for services, $500

• Increase by a debit

• increase by a credit

• decrease by a debit

• decrease by a credit

How is the SUPPLIES account affected in this transaction: Paid cash for supplies, $25

• Increase by a debit

• increase by a credit

• decrease by a debit

• decrease by a credit

Accounts Payable is which of the following classifications?

• Asset

• Expense

• Liability

• Owner's Equity

Accounts Receivable is which of the following classifications?

• Asset

• Expense

• Liability

• Owner's Equity

Cash is which of the following classifications?

• Asset

• Expense

• Liability

• Owner's Equity

What is the name of the business form used to order a bank to pay cash from a bank account?

• Check

• Deposit Slip

• Memo

• Receipt

What is the series of accounting activities included in recording financial information for a fiscal period called?

• Accounting Cycle

• Accounting period

• Accounting system

• Accounting reporting system

What is the account classification for account number 160

• Asset

• Expense

• Liability

• Owner's Equity