Accounting Essentials Self-Assessment #1

Front

Assets represent amounts owed to entities outside of the business.

Back

False

Front

Is Notes Payable a liability account? True or False?

Back

True

Front

Accounts Payable is an asset account. True or False?

Back

False

Front

The Nathaniel H. Spencer, Capital account represents amounts withdrawn from a business by the owner.

Back

False

Front

With double-entry bookkeeping, at least two accounts are impacted by every transaction.

Back

True

Front

The sale of services to a customer on account increases the Service Revenue and the Accounts Receivable accounts.

Back

True

Front

Recording transactions allows a company to maintain a running balance for each account. True or False?

Back

True

Front

Identify the action that is NOT a transaction: Purchasing office furniture for cash, Selling goods to a customer, The owner investing cash into a business.

Back

Renaming a business

Front

Fill in the blank: The accounting equation is ______ = Liabilities + Owner's Equity.

Back

Assets

Front

What is something a bookkeeper is NOT typically responsible for, per the U.S. Bureau of Labor Statistics? Options: Recording financial transactions, Updating statements, Checking financial records for accuracy

Back

Analyzing quarterly results