
Accounting Part 1 Test Review

Quiz
•
Life Skills
•
9th - 12th Grade
•
Medium
Used 19+ times
FREE Resource
38 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A transaction recorded in a journal is not considered a permanent record
True
False
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A balance sheet reports financial information for a period of time
True
False
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The source document for an electronic funds transfer is a memorandum
True
False
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The drawing account is a permanent account
True
False
5.
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
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The formula for calculating net income is total revenue minus total expenses
True
False
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If the previous account balance and the current entry posted to an account are both credits, the new account balance is a credit
True
False
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