Accounting I Final Exam Study Quiz

A Credit is the ____________ side of a T account, while a Debit is the ____________ side of a T account.

• Left, right
• Increase, decrease
• Right, left
• Smaller, larger

A liability decreasing is a(n)

• Credit
• Debit
• Liability
• Increase

An asset is an amount

• Owned
• Over
• Owed
• Decreased

A financial statement that reports Net Income is known as a(n):

• Income Statement
• Balance Sheet
• Trial Balance
• Chart of Accounts

A Balance Sheet reports

• Liabilities and Revenue

• Assets and Liabilities
• Revenue and Expenses
• Assets and Expenses

_____________ is transferring information from a journal entry to a ledger account.

• Adjusting Entries

• Closing Entries
• Journalizing
• Posting

What is the correct journal entry for paying rent with cash?

• Debit Cash, Credit Rent Expense

• Debit Rent Expense, Credit Cash

• Credit Cash, Credit Rent Expense

• Debit Rent Expense, Credit Accounts Payable

____________ are assets taken out of a business for the personal use of the owner.

• Investments
• Expenses
• Withdrawals
• Dividends

What is the normal balance of a revenue account?

• Credit side
• Debit Side
• Left Side

• None of the above

Accounts that do NOT accumulate information from one fiscal period to the next are _______________ accounts.

• Permanent accounts
• Temporary accounts
• Real accounts

• Chart of accounts