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ACC101_Chapter 2 (short quiz)

Authored by Thao Giang

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ACC101_Chapter 2 (short quiz)
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12 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Choose the correct accounting equation

Assets + Liabilities = Equity

Assets = Liabilities - Equity

Assets = Liabilities + Equity

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Is this true for Debit & Credit theory?

Debit records sources

Credit records effects

True

False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

For Assets, Debit is to record Increase

True

False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

For Liabilities: Debit is to record

Decrease

Increase

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

For Equity, Credit is to record:

Increase

Decrease

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Revenue increase: You will record a Debit Revenue

True

False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Expense increases: You will record a ___ Expense

Debit

Credit

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