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Accounting Exam Review

Authored by Angela Way

Architecture

9th - 12th Grade

Used 3+ times

Accounting Exam Review
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27 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The process of recording business transactions chronologically.

journal

source documents

general ledger

journalizing

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The normal balance side of an owner's capital account is the

debit

credit

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The following is the accounting equation: assets + liabilities = owners equity

true

false

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Debits do not have to equal credits.

true

false

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When you have a sale on account which account is used?

accounts receivable

accounts payable

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Accounts payable is classified as what type of account?

asset

liability

owners equity

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A tool used to analyze transactions into debit and credit parts.

normal balance

t account

accounting

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