Chapter 1 Accounting Review (11E)

Chapter 1 Accounting Review (11E)

9th - 12th Grade

36 Qs

quiz-placeholder

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Chapter 1 Accounting Review (11E)

Chapter 1 Accounting Review (11E)

Assessment

Quiz

Life Skills

9th - 12th Grade

Medium

Created by

Kim Munk

Used 9+ times

FREE Resource

36 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The accounting equation is most often stated as Assets + Liabilities = Owner’s Equity.

True

False

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

After each transaction, the accounting equation must remain in balance.

True

False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When two asset accounts are changed in a transaction, there must be an increase and a decrease.

True

False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Detailed information about changes in owner’s equity is needed by owners and managers to make sound business decisions.

True

False

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When items are bought and paid for at a future date, another way to state this is to say these items are bought on account.

True

False

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A transaction for the sale of goods or services results in a decrease in owner’s equity.

True

False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Keeping separate the financial records for a business and for its owner’s personal belongings is an application of the Business Entity accounting concept.

True

False

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