Accounting I Week 1 Quiz

The left side of an account is the

• debit side

• credit side

The right side of an account is the

• debit side

• credit side

Accounting is based on

• single entry

• double entry

• triple entry

Which of the following is the accounting equation?

• Assets+Liabilities=

  Owner's Equity

• Assets=Liabilities+

  Owner's Equity

• Owner's Equity=Assets+ Expenses

Things you own are

• Assets

• Liabiities

• Owner's Equity

• Expenses

Debts you owe are

• Assets

• Liabilities

• Owner's Equity

• Revenue

Net worth can be referred to as the

• Cash

• Capital

• Revenue

• Expenses

Cash is a(n)

• asset

• liability

• capital

• revenue

Accounts Payable is a (n)

• asset

• liability

• net worth

• expense

How do you increase an asset?

• debit

• credit