
Lec 7+8
Quiz
•
Business
•
University
•
Practice Problem
•
Hard
Phan Loan
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22 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What two accounts are involved when you receive cash from owner as an investment?
cash and capital
cash and investment
cash and owner's equity
cash and supplies
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When you receive cash from sales, you debit cash and credit sales
True
False
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Paying cash for insurance increases and decrease an asset
False
True
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When you pay cash for supplies, you debit supplies
False
True
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Buying supplies on account creates a receivable
True
False
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Any activity that changes the Accounting Equation is called a payment
False
True
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A sale for which payment will be received at a later date is called a sale on account
True
Fales
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