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NOCTI Accounting Review

Authored by Maria Magalasin

Business

10th - 12th Grade

20 Questions

Used 256+ times

NOCTI Accounting Review
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1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Expense accounts normally have a debit balance.

True

False

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The properties used in the operation or investment activities of a business are called

Assets

Liabilities

Revenues

Expenses

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

A detailed listing of all accounts is called

general journal

chart of accounts

general ledger

balance sheet

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

A debit increases a liability account

True

False

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What is the accounting equation?

A + L = OE

A - L = OE

A = L + OE

A = L - OE

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What accounting form identifies a net loss or net gain?

balance sheet

statement of owner's equity

trial balance

income statement

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

How many owners are in a proprietorship?

1

2

3

4

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