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Accounting Principles Quiz

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Accounting Principles Quiz
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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a feature of the double-entry accounting system?

A) Each transaction affects only one account

B) Each transaction affects two or more accounts

C) Only revenue accounts are affected

D) Only asset accounts are affected

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In double-entry bookkeeping, the accounting equation is:

A) Liabilities = Assets + Owner's Equity

B) Assets = Liabilities + Owner's Equity

C) Liabilities = Assets - Owner's Equity

D) Assets = Liabilities - Owner's Equity

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When an asset is purchased on credit, the accounting equation will:

A) Increase liabilities and decrease assets

B) Increase assets and decrease equity

C) Increase assets and increase liabilities

D) Increase liabilities and increase equity

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of a credit entry?

A) Purchase of office supplies on credit

B) Payment of rent in cash

C) Receipt of cash from a customer

D) Withdrawal of cash by the owner

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following accounts will be debited when cash is received from a customer for services rendered?

A) Cash

B) Accounts Payable

C) Sales Revenue

D) Accounts Receivable

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a T-account, the left side represents the:

A) Credit side

B) Debit side

C) Both sides

D) Neither side

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following accounts is increased by a debit entry?

A) Liabilities

B) Equity

C) Revenue

D) Assets

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