
Accounting I Chapter 1 EXAM SPRING 2024
Authored by Elena Charles
Business
9th - 12th Grade
Used 4+ times

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40 questions
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1.
CATEGORIZE QUESTION
3 mins • 11 pts
Classify these accounts.
Groups:
(a) Assets
,
(b) Liabilities
,
(c) Owner's Equity
Petty Cash
Equipment
Accounts Payable--Letitia Charles
Accounts Receivable--Patty Kim
Supplies
Cash
Elena Charles, Capital
Elena Charles, Drawing
Prepaid Insurance
Accounts Payable--Elena Charles
Accounts Payable--Aaron Smith
2.
DRAG AND DROP QUESTION
1 min • 2 pts
Sam Smith owns a business called Sudsy Car Wash. Sam invested $25,000 in the business on July 1, 2024. What are the names of the accounts that are affected i​n this transaction?​ (a) ​ (b) ​ ​
3.
MATCH QUESTION
1 min • 5 pts
Match the following terms with the correct definitions.
Accounting
A formal report that shows what an individual owes, owns and the difference between the two.
Net Worth Statement
Planning, recording, analyzing, and interpreting financial information.
Transaction
Anything of value owned.
Asset
An equation that shows the relationship among assets, liabilities, and owner's equity.
Accounting Equation
A business activity that changes assets, liabilities, or owner's equity
4.
MATCH QUESTION
1 min • 5 pts
Match the following
Expense
The name given to an account.
Account Title
An increase in owner’s equity resulting from the operation of a business.
GAAP
The amount in an account.
Account Balance
Standards and rules that accounts must follow.
Revenue
A decrease in owner’s equity resulting from the operation of a business.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Financial rights to the assets of a business.
equities
liabilities
withdrawals
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The difference between assets and liabilities.
equity
expenses
revenue
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An amount owed by a business.
Liability
Revenue
Asset
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