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WorksheetsAccounting Unit 4 Part 1
Total questions: 15
Worksheet time: 9mins
A chart of accounts is limited to 50 accounts.
True
False
The normal balance for asset account is a ________.
credit
debit
The normal balance for the owner’s capital account is a ____________.
credit
debit
The difference between the debit and credit amounts in an account is the account balance.
True
False
The normal balance for Accounts Payable is a _____________.
credit
debit
The normal balance of an account is always on the ___________.
side of the current account balance
side used to record increases
credit side of the account
debit side of the account
The ______ is an “official” list of all the accounts used by a business to record its transactions.
chart of accounts
double entry accounting
normal balance
T chart
An account’s ________ is always on the increase side of an account is a(n)____.
chart of accounts
double entry accounting
normal balance
T Account
The first digit in the account number 520 means that the account is in the
expense division
asset division
liability division
owner's equity division
When account are arranged in a general ledger, account numbers are assigned, and the chart of accounts is kept up to date, the accounting personnel are
journalizing
doing file maintenance
Not all businesses use the same chart of accounts.
True
False
A business groups its accounts in a ledger.
True
False
