FABM1 Chapter Test 8

FABM1 Chapter Test 8

12th Grade

35 Qs

quiz-placeholder

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FABM1 Chapter Test 8

FABM1 Chapter Test 8

Assessment

Quiz

Social Studies

12th Grade

Hard

Created by

Rafael Christian Aguilar

FREE Resource

35 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an account?
A ledger record
A record of similar transactions
A list of revenues and expenses
A company's bank record

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which side of an account increases assets?
Credit
Debit
Left
Right

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the normal balance of liabilities?
Debit
Credit
Left
Right

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which account is an example of a tangible asset?
Accounts Receivable
Patents
Office Equipment
Service Revenue

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What type of asset is expected to be used or converted to cash within a year?
Fixed
Intangible
Current
Equity

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a fixed asset?
Cash
Accounts Payable
Equipment
Supplies

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an example of a current liability?
Long-term loans
Utilities Payable
Office Equipment
Patents

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