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Chapter 1 Review

Authored by Andrew Brown

Business

11th - 12th Grade

Used 2+ times

Chapter 1 Review
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38 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

An amount owed by a business is called a(n)

asset

equity

liability

credit

2.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

The recording of debit and credit parts of a transaction is called

accounting equation

posting

double-entry accounting

processing

3.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

A group of accounts is called a

ledger

special journal

journal

none of these

4.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Transferring information from a journal entry to a ledger account is called

Ordering

Recording

Posting

None of these

5.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

A journal used to record only one kind of transaction is called a

ledger

special journal

source doc

none of these

6.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

A form prepared by the customer showing a price deduction for purchases returns and allowances is called a

debit memorandum

credit memorandum

controlling account

sales invoice

7.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

The procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current is called

accounting

double-entry accounting

controlling

file maintenance

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