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Accounting I Fall TEKS Review

Authored by CARI DANIEL

Other

10th - 12th Grade

Used 28+ times

Accounting I Fall TEKS Review
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27 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The first step in the posting procedure is writing the

entry date in the Date column of the account.

journal page number in the Post. Ref. column of the journal.

journal page number in the Post. Ref. column of the journal.

entry amount in the Debit or Credit column of the account.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Assets taken out of a business for the personal use of the owner are called

net income

net loss

investments

withdrawals

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The entry to establish a $200.00 petty cash fund is

debit Petty Cash, $200.00; credit Cash, $200.00.

debit Petty Cash, $200.00; credit Miscellaneous Expense, $200.00

debit Miscellaneous Expense, $200.00; credit Cash, $200.00

debit Cash, $200.00; credit Petty Cash, $200.00

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If an amount is recorded on the side of a T account that is opposite the normal balance side, the account balance is

increased

decreased

unaffected

correct

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

On a work sheet, the balance of the owner’s drawing account is extended to the

Income Statement Debit column.

Income Statement Credit column.

Balance Sheet Debit column

Balance Sheet Credit column

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Information needed to prepare an income statement’s Revenue section is obtained from a work sheet’s Account Title column and

Income Statement Debit column

Income Statement Credit column

Balance Sheet Debit column

Balance Sheet Credit column

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When cash is paid for insurance

Prepaid Insurance is decreased

Prepaid Insurance is credited

Prepaid Insurance is increased

none of these

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