Accounting Quiz

Accounting Quiz

12th Grade

8 Qs

quiz-placeholder

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Accounting Quiz

Accounting Quiz

Assessment

Quiz

Other

12th Grade

Practice Problem

Hard

Created by

Naod Mekonnen

Used 1+ times

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8 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If total assets increased $20,000 during a period and total liabilities increased $12,000 during the same period, the amount and direction (increase or decrease) of the change in owner's equity for that period is a(n):

$32,000 increase.

$32,000 decrease.

$8,000 increase.

$8,000 decrease.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If revenue was $45,000, expenses were $37,500, and the owner's withdrawals were $10,000, the amount of net income or net loss would be:

$45,000 net income.

$7,500 net income.

$37,500 net loss.

$2,500 net loss.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Debits:

increase both assets and liabilities.

decrease both assets and liabilities.

increase assets and decrease liabilities.

decrease assets and increase liabilities.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A revenue account:

is increased by debits.

is decreased by credits.

has a normal balance of a debit.

is increased by credits.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The purchase of supplies on account should result in:

a debit to Supplies Expense and a credit to Cash.

a debit to Supplies Expense and a credit to Accounts Payable.

a debit to Supplies and a credit to Accounts Payable.

a debit to Supplies and a credit to Accounts Receivable.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Posting:

normally occurs before journalizing.

transfers ledger transaction data to the journal.

is an optional step in the recording process.

transfers journal entries to ledger accounts.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A trial balance:

is a list of accounts with their balances at a given time.

proves the mathematical accuracy of journalized transactions.

will not balance if a correct journal entry is posted twice.

proves that all transactions have been recorded.

8.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Adjustments for prepaid expenses:

decrease assets and increase revenues.

decrease expenses and increase assets.

decrease assets and increase expenses.

decrease revenues and increase assets.