PAC1163 Chapter 2

Which one is NOT part of Revenues?

• Commission received

• Rent income

• Interest received

• Insurance

Which of the following is considered an expense?

• Cost of goods sold

• Investment income

• Dividends received

• Sales revenue

Bank in cash

• Debit Cash, Credit Bank

• Debit Bank, Credit Cash

• Debit Bank, Debit Cash

• Credit Bank, Credit Cash

Which of the following is NOT considered an asset?

• Accounts payable

• Inventory

• Accounts receivable

• Cash

Which entry is made when a company pays off a loan?

• Debit Loan Payable, Credit Cash

• Debit Cash, Credit Loan Payable

• Debit Interest Expense, Credit Cash

• Credit Loan Payable, Credit Cash

Utilities bills are considered part of

Owner took Asset out of the business

Owner bring in Asset into the business

When Asset, Drawing, Expense increases

When Liability, Capital, Revenue increases