
Accounting Principles C2
Quiz
•
Business
•
Professional Development
•
Practice Problem
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Medium
Kamy Tran
Used 1+ times
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An account consists of
one part.
two parts.
three parts.
four parts.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The left side of an account is
blank.
a description of the account.
the debit side.
the balance of the account.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A debit to an asset account indicates
an error.
a credit was made to a liability account.
a decrease in the asset.
an increase in the asset.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The normal balance of any account is the
left side.
right side.
side which increases that account.
side which decreases that account.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The double-entry system requires that each transaction must be recorded
in at least two different accounts.
in two sets of books.
in a journal and in a ledger.
first as a revenue and then as an expense.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The usual sequence of steps in the transaction recording process is:
journal > analyze > ledger.
analyze > journal > ledger.
journal > ledger > analyze.
ledger > journal > analyze.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A credit to a liability account
indicates an increase in the amount owed to creditors.
indicates a decrease in the amount owed to creditors.
is an error.
must be accompanied by a debit to an asset account.
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