
Accounting I Final Test - Part 1
Authored by Janna Kohler
Other
9th - 12th Grade
Used 6+ times

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38 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Anything of value that is owned
Asset
Liability
Owner's Equity
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A record that summarizes all the transactions pertaining to a single item in the accounting equation
Journal
Account
Chart of accounts
3.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
A business owned by one person
Proprietorship
Sole proprietorship
Partnership
Corporation
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An amount owed (debt)
Asset
Liability
Expense
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The cost of goods or services used to operate a business
Expense
Liability
Revenue
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The difference between the increases and decreases in an account
Accounting system
Net income
Account balance
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An increase in equity resulting from the sale of goods or services
Owner's Equity
Revenue
Assets
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