poa 02

poa 02

University

22 Qs

quiz-placeholder

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poa 02

poa 02

Assessment

Quiz

Mathematics

University

Practice Problem

Hard

Created by

Annette Malfoy

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22 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following statements about an account is true?

In its simplest form, an account consists of two parts.

An account is an individual accounting record of increases and decreases in speci;c asset, liability, and equity items.

There are separate accounts for speci;c assets and liabilities but only one account for equity items.

The left side of an account is the credit or decrease side.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

debit

increase both assets and liabilities

decrease both assets and liabilities

increase assets and decrease liabilities

decrease assets and increase liabilities

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

a revenue account

is increased by debits

is decreased by credits

has a normal balance of a debit

is increased by credits

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

what is the normal balance for each of the following accounts?

account receivables

debit

credit

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

what is the normal balance for each of the following accounts?

cash

debit

credit

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

what is the normal balance for each of the following accounts?

dividends

debit

credit

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

what is the normal balance for each of the following accounts?

account payable

debit

credit

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