Accounting Unit 4 Part 1

Accounting Unit 4 Part 1

10th - 12th Grade

15 Qs

quiz-placeholder

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Accounting Unit 4 Part 1

Accounting Unit 4 Part 1

Assessment

Quiz

Business

10th - 12th Grade

Easy

Created by

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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