Exam 1 Review
Quiz
•
Business
•
9th Grade - University
•
Hard
James Ragukonis
Used 7+ times
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9 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the normal balance of the equipment account, if equipment is purchased on credit?
Debit
Credit
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following are not part of the triangle of Fraud?
Opportunity
Pressure
Clawback
Rationalization
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Dividends are expenses and decrease Retained Earnings
True
False
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The adjusting entry to record an accrued expense results in which of the following types of accounts being debited and credited?
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The adjusting entry to record an accrued revenue results in which of the following types of accounts being debited and credited?
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following do NOT have a negative effect on the owner's capital?
Depreciation expense
Adjusting entry for unearned revenue
Owner's drawings
Payment of liabilities
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following accounts should be credited when closed to income summary?
cash
expenses
revenue
accounts payable
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