AVERAGE

What are the 4 phases of accounting?

• Recording-Summarizing-Classifying-Interpreting

• Recording-Classifying-Summarizing-Interpreting

• Recording-Interpreting-Summarizing-Classifying

• Recording-Classifying-Interpreting-Summarizing

In Accounting, the term debit is used to indicate:

• Increase in Liability and Equity

• Decrease in Liability and Equity

• Increase in Asset and Liability

• Decrease in Asset and Liability

Branch of Accounting that focused on the allocation of the resources and funds of the national government.

• Government Accounting

• Tax Accounting

• Management Accounting

• Auditing

Which of the following items has no effects in owner‘s equity/capital?

• Incurring Expenses

• Withdrawals of owner

• Acquisition of Land

• Earning Revenue

A Revenue or income

• Increases Asset and Equity/Capital

• Increases Assets and Liabilities

• Increases Assets and Decreases Equity/Capital

• No Effects

This is prepared to check the equality of debits and credits.

• T-Account

• Balance Sheet

• Ledger

• Trial Balance

An investment by the owner in the business increases the

• Asset and Equity/Capital

• Assets and Liabilities

• Liabilities and Equity/Capital

• Assets only

The decrease in the usefulness of property and equipment as time passes is called

• Contra-Assets

• Consumption

• Deterioration

• Depreciation

What type of account is Prepaid Expense

• Expense

• Current Assets

• Non-Current Assets

• Property, Plant and Equipment

Which of the following items has no effects in owner‘s equity/capital?

• Incurring Expenses

• Withdrawals of owner

• Acquisition of Land

• Earning Revenue