Accounting Unit 4 Part 1
Quiz
•
Business
•
10th - 12th Grade
•
Easy
Christina Mitchell
Used 8+ times
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15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
A chart of accounts is limited to 50 accounts.
True
False
2.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
The normal balance for asset account is a ________.
credit
debit
3.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
The normal balance for the owner’s capital account is a ____________.
credit
debit
4.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
The difference between the debit and credit amounts in an account is the account balance.
True
False
5.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
The normal balance for Accounts Payable is a _____________.
credit
debit
6.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
The normal balance of an account is always on the ___________.
side of the current account balance
side used to record increases
credit side of the account
debit side of the account
7.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
The ______ is an “official” list of all the accounts used by a business to record its transactions.
chart of accounts
double entry accounting
normal balance
T chart
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