
AME Chapter 2 Review
Quiz
•
Business
•
9th - 12th Grade
•
Medium
Audrey Goldstein
Used 15+ times
FREE Resource
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40 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which type of transaction directly affects Owner's Capital?
Expenses
Investment
Revenue
Withdrawal
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following represents the equation for Net Income?
A=L + NW
Owner's Investment - Withdrawals
Revenue - Expenses
Biginning Capital - Ending Capital
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following statements show the changes in Owner's Equity?
Income Statement
Balance Sheet
Cash Flow Statement
Statement of Owner's Equity
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is true when a company incurs an expense that is to be paid later?
An asset should be recorded.
The expense should be recognized evenly over the next year.
The expense account should be increased along with accounts payable.
The expense cannot be recognized because it has not been paid.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
FGH Inc. recorded a $500 telephone bill last month on account. This month the payment is made. How should this transaction be recorded?
Decrease cash; decrease accounts payable
Increase accounts payable; increase expense
Decrease cash; increase expense
Increase prepaid expense; decrease cash
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
MNO Co. received a $2,000 bill for maintenance to be paid next month. How should this transaction be recorded?
Decrease cash; increase expense
Increase prepaid expense; decrease cash
Decrease cash; decrease accounts payable
Increase accounts payable; increase expense
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The owners and managers have an ethical responsibility to record and report revenue and expensees in a way that best represents economic reality, except for when doing so means the company reports an unfavorable result.
True
False
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