Accounting 1

Accounting 1

University

16 Qs

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Accounting 1

Accounting 1

Assessment

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University

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16 questions

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1.

FILL IN THE BLANK QUESTION

1 min • 1 pt

What do accountants refer to an economic event?

2.

FILL IN THE BLANK QUESTION

1 min • 1 pt

Name the basic assumption of accounting that requires activities of an entity to be separated from the activities of its owner

3.

FILL IN THE BLANK QUESTION

1 min • 1 pt

How many parts does an account consist of?

4.

FILL IN THE BLANK QUESTION

1 min • 1 pt

What do you refer to as decrease assets and increase liabilities?

5.

FILL IN THE BLANK QUESTION

1 min • 1 pt

What do you normally call this?

Assets + Owner's drawings + Expenses = Liabilities + Owner's Capital + Revenues

6.

FILL IN THE BLANK QUESTION

1 min • 1 pt

What do you call Revenues that had been earned and received before financial statements have been prepared?

7.

FILL IN THE BLANK QUESTION

1 min • 1 pt

The accounting Terminology that refers to monthly and quarterly periods.

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