Accounting Five major accounts

Accounting Five major accounts

11th Grade

10 Qs

quiz-placeholder

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Accounting Five major accounts

Accounting Five major accounts

Assessment

Quiz

Other

11th Grade

Hard

Created by

Mila Mallare

Used 16+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

The accounting cycle is a series of recurring accounting steps or processes within one accounting period.

True

False

2.

FILL IN THE BLANK QUESTION

30 sec • 1 pt

The main components or elements of the income statement are _____, expenses, gains, and losses.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

lists all amounts owed from previous invoices

chart of accounts

bank statement

vendor statement

general journal

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

report which lists all amounts which are owed by a business; further ensures which accounts payable entries are properly recorded

bank statement

general ledger

schedule of accounts payable

general journal

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Assets

Liabilities

Owner's Equity

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Liabilities are

Equal to the sum of assets plus owner’s equity

Created when stockholder contributed cash to company by stock exchanges

Obligation of the entity to outsiders

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

These are the resources owned by a business that is results from past events and has future economic benefits called?

Equity

Income

Drawings

Assets

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