
AF Ch 5 Test
Quiz
•
Other
•
9th Grade
•
Practice Problem
•
Hard
Standards-aligned
Tony Ruf
Used 2+ times
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20 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An amount of money taken out of the business by the owner is
Expense account
Capital
Temporary Account
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
record business income only.
Revenue recognition
Permanent accounts
Expense accounts
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
are used to record information for only one accounting period.
Revenue accounts
Expense accounts
Permanent accounts
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The account shows the amount of the owner's investment, or equity, in a business.
Expense
Permanent
Withdrawal
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
are used to record the costs and services used by a business.
Revenue accounts
Capital
Withdrawal
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Recognizing & recording revenue on the earned date even if cash has not been received is
Capital
Revenue recognition
Withdrawal
Expense account
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A credit to an expense account decreases the account balance
True
False
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