Basic Accounting_Quiz No. 2

Basic Accounting_Quiz No. 2

University

68 Qs

quiz-placeholder

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Basic Accounting_Quiz No. 2

Basic Accounting_Quiz No. 2

Assessment

Quiz

Business

University

Hard

Created by

Ricjohn Gavina

Used 2+ times

FREE Resource

68 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Debit which means value received includes assets and does not include expenses.
True
False

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

All SFP items normally have debit balance, and SCI items normally have credit balance.
True
False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The difference between the total debits and credits in the accounts is called the account balance which results in an open account.
True
False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

There is no effect in the amounts of the accounting equation if an asset is changed into another form of asset.
True
False

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A personal drawing is normally a credit balance in the business records.
True
False

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The normal balance of an account payable is a debit amount.
True
False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Credit represents increases in revenue, capital, and expenses.
True
False

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