What is an example of an asset account?

Accounting I- Mack (Pretest)

Quiz
•
Business
•
9th - 12th Grade
•
Hard
Ivan Mack
Used 2+ times
FREE Resource
13 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Utilities Expense
Office Equipment
Mack Capital
Desert Schools Bank
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the function of the 'Purchases' account?
To keep track of purchases of merchandise made for resale.
To keep track of the amount of money spent for advertising.
To keep track of supplies purchased.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does a Balance Sheet prove?
It is the end of the month.
The month's transactions have all been entered in the General Ledger.
The equality of debits and credits in the General Ledger.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The name of a book of vendors is
The Accounts Payable Ledger.
The Journal.
The Accounts Receivable Ledger.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why is it important to check your debit totals and your credit totals in the Journal at regular intervals in the month?
For a sales report.
To prove the equality of the debit and credit totals.
To close out an Accounts Receivable account.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is an outstanding check?
A check that you have voided.
A check that you have not deposited yet.
A check you have written but has not been presented for payment at the bank.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
After all the posting from the journal is complete, what must be true about the General Ledger?
The debit balances must equal the credit balances.
The accounts should be full.
There must be the same number of asset accounts as there are expense accounts.
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