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Week 5 Finance

Authored by Nicole Chuchmach

Fun

Professional Development

Used 3+ times

Week 5 Finance
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7 questions

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1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Received cash for providing catering services

Decrease in asset, decrease in liability

Increase in asset, increase in liability

Increase in asset, increase in owner's equity

What the finance

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Paid advertising expense with cash

Increase in asset, decrease in owner's equity

Increase in asset, increase in owner's equity

Decrease in asset, decrease in owner's equity

What the finance

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Purchased office furniture on account

Decrease in asset, decrease in liability

Increase in asset, increase in liability

Increase in asset, decrease in owner's equity

Justin Bieber

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Owner withdrew cash for personal use

Increase in asset, decrease in owner's equity

Decrease in asset, decrease in owner's equity

Increase in asset, decrease in liability

Pizza

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What entry is true if Nicole deposited $5,000 into her event business.

Debit Cash $1000

Credit Cash $1000

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What entry is correct if Nicole's restaurant paid $1,000 on an account payable

Debit Account Payable $1000

Credit Account Payable $1000

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What entry is correct if Nicole's Event Company purchased food inventory worth $10,000

Debit Food Inventory $10,000

Credit Food Inventory $10,000

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