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Accounting 1 Obj. 3.02

Authored by Lateesha Mungin

Computers

10th Grade

Accounting 1 Obj. 3.02
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22 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A form that contains a brief message describing a transaction.  Often used when there is no other type of source document

memorandum

sales invoice

check

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A person can judge the success of a decision by asking:

did the decision help me meet my goal?

am I making any money?

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Recording the debit and credit part of a transaction.  Every transaction affects at least two accounts.  Debits must equal credits

entry

journal

journalizing

double entry accounting

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A form that is used to record transactions in chronological order

journal

entry

double entry

accounting form

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A journal that has two amount columns that can contain a variety of different transactions

general journal

entry

transaction form

check

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

When cash is paid for insurance, which account is listed on the first line of entry?

Cash

Prepaid Insurance

Miscellaneous Expense

7.

MULTIPLE SELECT QUESTION

1 min • 1 pt

When supplies are bought on account, which account is listed on the first line of the entry?

Expenses

Insurance

Supplies

Accounts

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