Accounting 1 quiz

In what major type of account does Accounts receivable belong?

• Asset

• Liability

• Owners Equity

• Revenue

• Expenses

In what major type of account does Accounts payable belong?

• Asset

• Liability

• Owners Equity

• Revenue

• Expenses

In what major type of account does Gale, Capital belong?

• Asset

• Liability

• Owners Equity

• Revenue

• Expense

In what major type of account does Sales belong?

• Asset

• Liability

• Owners equity

• Revenue

• Expenses

The following are the correct accounting equations, except_____

• A=L+OE

• L=A-OE

• OE=L+A

• OE=L-A

It is the contra-account for Accounts receivables.

• allowance for doubtful accounts

• both allowance for doubtful accounts and bad debts

• allowance for bad debts

• none of the above

The contra-account for capital is_________

Depreciation is a contra-account for PPE therefore, it is classified as__________ (what major type of account?)

which of the following accounts are real accounts?

• Cash; Service income; Gale, Capital

• PPE, Sales, Supplies Expense

• Supplies, A/P, A/R

• Accrued expense, Pre-payments, Salary Expense

Unearned Revenue is what type of account?

• Asset

• Liability

• OE

• Revenue

• Expenses