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POA 3rd Day Books

Authored by Delone Fuller

Other

11th Grade

Used 12+ times

POA  3rd Day Books
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30 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A __________ amount will appear on the left side of a T-account.

Credit

Debit

2.

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

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Expenses are those items that are:

Direct costs for producing goods

Costs associated with operating a business

All the company outflows

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

To journalize business transactions, refers .

Recording them in the general journal

Recording them in the general ledger

Organizing the company paperwork

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Accounts Payable is classified as a/an ___________ in the _____________.

Current asset; Balance Sheet

Current liability; Balance Sheet

Expense; Income Statement

Revenue; Income Statement

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following documents authorizes the purchase transaction?

Credit memo from supplier

Invoice or bill from supplier

Purchase order

Purchase requisition

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is meant by accounts receivable?

Money owed to a company by its debtors

Money owed by a company to its creditors

Money owed to a company by its employees

Money owed by a company to its vendors

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