ACCOUNTING

ACCOUNTING

1st Grade

15 Qs

quiz-placeholder

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ACCOUNTING

ACCOUNTING

Assessment

Quiz

Business

1st Grade

Hard

Used 1K+ times

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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A __________ amount will appear on the left side of a T-account.

Credit

Debit

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An Asset is:

Refers to items that are owned

Refers to amounts that are owed to others

Refers to amounts earned

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Expenses are those items that are:

Direct costs for producing goods

Costs associated with operating a business

All the company outflows

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

To journalize business transactions, refers .

Recording them in the general journal

Recording them in the general ledger

Organizing the company paperwork

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

To which account in the Balance Sheet is the net income or net loss transferred to at the end of the accounting period?

Retained Earnings

Cash

Accounts Receivable

Inventory

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Accounts Payable is classified as a/an ___________ in the _____________.

Current asset; Balance Sheet

Current liability; Balance Sheet

Expense; Income Statement

Revenue; Income Statement

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following documents authorizes the purchase transaction?

Credit memo from supplier

Invoice or bill from supplier

Purchase order

Purchase requisition

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