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FOA Recording Financial Transactions

Authored by Danevia Powell

Professional Development

Professional Development

Used 3+ times

FOA Recording Financial Transactions
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8 questions

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1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Assets, liabilities and equity are fundamental elements of accounting

True

False

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

An increase in an asset results in a credit to the asset account

True

False

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

An increase in a liability results in a credit to the liability account.

True

False

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

There are two types of inventory systems for recording the movement of inventories

True

False

5.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Identify the three broad categories of accounts.

Nominal Accounts

Internal Accounts

Personal Accounts

Real Accounts

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A journal is considered to be a book of original entry

True

False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Based on the following transaction, identify the accounts that would be affected by: Started a business with Motor Van

Motor Van, Cash

Motor Van, Capital

Motor Van, Bank

Motor Van, Loan

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