Game play 02

Game play 02

University

15 Qs

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Game play 02

Game play 02

Assessment

Quiz

Social Studies, Professional Development

University

Practice Problem

Medium

Created by

Trang Nguyen

Used 11+ times

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15 questions

Show all answers

1.

MULTIPLE SELECT QUESTION

20 sec • 1 pt

Assets are increased by debits and liabilities are decreased by credits.

True

False

2.

MULTIPLE SELECT QUESTION

20 sec • 1 pt

The owner’s capital account is increased by credits

True

False

3.

MULTIPLE SELECT QUESTION

20 sec • 1 pt

An account will have a credit balance if the total debit amounts exceed the total credit amounts

True

False

4.

MULTIPLE SELECT QUESTION

20 sec • 1 pt

The ledger is the entire group of accounts maintained by a company

True

False

5.

MULTIPLE SELECT QUESTION

20 sec • 1 pt

The basic steps in the recording process are (1) to analyze each transaction, (2) to enter the transaction in a journal, and (3) to transfer the journal entry to the appropriate ledger accounts

True

False

6.

MULTIPLE SELECT QUESTION

20 sec • 1 pt

Transferring journal entries to the ledger accounts is called posting and should be per­formed in chronological order

True

False

7.

MULTIPLE SELECT QUESTION

20 sec • 1 pt

Assets = liabilities + owner’s capital – drawings + revenues – expenses is a correct form of the expanded basic accounting equation

True

False

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