Accounting Chapter 5

Accounting Chapter 5

11th - 12th Grade

20 Qs

quiz-placeholder

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Accounting Chapter 5

Accounting Chapter 5

Assessment

Quiz

Business

11th - 12th Grade

Practice Problem

Hard

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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Which of the following is a temporary account?

Utilities Expense

Accounts Payable

Liabilities

Assets Account

2.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

A business should have separate accounts for recording revenue and expenses.

True

False

3.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

A decrease to Collection Revenue is recorded as a __________.

Debit

Credit

4.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Permanent accounts start each accounting period with a zero balance.

True

False

Answer explanation

Temporary Accounts do not Permanent Accounts

5.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Which type of account decreases the capital of business and is classified as a temporary owner's equity account?

revenue account

liability account

accounts payable account

withdrawal account

6.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

A skeleton form of an account showing only the debit and credit columns is called a(n)

T Account

Accounting Equation

Account Balance

None of these answers are correct

7.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

The rules of debit and credit for expense accounts are the same rules for asset accounts.

True

False

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