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Review chapter 1&2 ACC

Authored by Thu Nguyen

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Review chapter 1&2 ACC
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12 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What transaction is represented by the entries: debit Supplies, credit account payable?

The receipt of money from sale

The issue of a invoice for the sale

Receipt of an invoice for the purchase of supplies

Payment for supplies

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following nominal ledger accounts would normally have a credit balance on a trial balance, except?

Prepaid account

Account Payable

Owner Capital

Note payable

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the assets of a company increase by $200,000 during the year and its liabilities increase by $120,000 during the same year, then the change in equity of the company during the year must have been:

An increase $80,000

A decrease $80,000

An increase $320,000

A decrease $320,000

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A company paid $2,500 cash for consultant service provided in the last month. How does this transaction affect the accounting equation for the company?

No change in Assets. and no effect on both liabilities and equity

Assets increased by $2,500. no effect on liabilities, equity increased by $2,500

Assets decreased by $2,500, liabilities decreased by $2,500, no effect on equity

No effect on assets, liabilities increased by $2,500, equity increased by $2,500

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The following financial statement information: Assets: $150,000; Liabilities $70,000, Owner Capital ?, Owner Withdrawals: $15,000; Revenue: $12,000; Expense: $8,500, Net Income ?. What is the amount of Qwner's Equity?

$80,000

$220,000

$8,000

$30,000

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The following financial statement information: Assets: $150,000; Liabilities $70,000, Owner Capital ?, Owner Withdrawals: $15,000; Revenue: $12,000; Expense: $8,500, Net Income ?. What is the amount of Qwner's Capital?

$8,500

$19,500

$8,000

$15,000

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The following financial statement information: Assets: $150,000; Liabilities $70,000, Owner Capital ?, Owner Withdrawals: $15,000; Revenue: $12,000; Expense: $8,500, Net Income ?. What is the amount of Net Income?

$19,500

$12,000

$3,500

$8,500

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