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Textbook 1-3

Authored by Melanie Johnson Wood

Business

12th Grade

Used 1+ times

Textbook 1-3
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14 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the result of receiving cash from sales in terms of the accounting equation for Oakdale School?

Decrease in Assets and Owner's Equity

Increase in Assets and decrease in Owner's Equity

Increase in both Assets and Owner's Equity

No change in Assets and Owner's Equity

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the effect on the accounting equation when TechKnow Consulting sells services on account to Oakdale School?

Increase in Liabilities and decrease in Owner's Equity

Increase in Assets and decrease in Owner's Equity

Increase in both Assets and Owner's Equity

No change in Assets and Owner's Equity

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

According to the accounting equation presented, what is the new balance for Cash after receiving cash from sales and selling services on account?

$3,520

$3,850

$3,875

$4,070

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the new balance for Kim Park, Capital after both transactions on August 12?

$5,295

$5,350

$5,645

$5,700

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What accounting concept is applied when revenue is recorded at the time of sale, regardless of when payment is made?

Matching Principle

Cost Principle

Revenue Recognition Principle

Economic Entity Principle

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the new balance of Cash after paying for rent according to Transaction 8 on August 12?

$3,520

$3,220

$3,180

$3,500

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How much was paid for the telephone bill as noted in Transaction 9 on August 12?

$300

$40

$350

$775

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