QB | Basic Financial Accounting 1
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43 questions
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1.
MULTIPLE CHOICE QUESTION
10 sec • 5 pts
QUESTION #1
The terms “Bookkeeping” and “Accounting” are synonymous.
True
False
2.
OPEN ENDED QUESTION
3 mins • Ungraded
The terms “Bookkeeping” and “Accounting” are synonymous.
CORRECT ANSWER: False
Evaluate responses using AI:
OFF
3.
MULTIPLE CHOICE QUESTION
10 sec • 5 pts
QUESTION #2
Decreases in assets and decreases in revenue accounts should be entered on the left side of a T account.
True
False
4.
OPEN ENDED QUESTION
3 mins • Ungraded
Decreases in assets and decreases in revenue accounts should be entered on the left side of a T account.
CORRECT ANSWER: False
Evaluate responses using AI:
OFF
5.
MULTIPLE CHOICE QUESTION
10 sec • 5 pts
QUESTION #3
Recording the expiration of a prepaid asset results in the reduction of the asset account and an increase in the related expense account.
True
False
6.
OPEN ENDED QUESTION
30 sec • Ungraded
Recording the expiration of a prepaid asset results in the reduction of the asset account and an increase in the related expense account.
CORRECT ANSWER: True
Evaluate responses using AI:
OFF
7.
MULTIPLE CHOICE QUESTION
10 sec • 5 pts
QUESTION #4
Which of the following complete descriptions of a transaction is not possible?
increase liability, decrease equity
increase asset, increase liability
decrease asset, decrease liability
increase asset, decrease equity
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