Review-Quiz2-Dual Credit Accounting

Review-Quiz2-Dual Credit Accounting

9th - 12th Grade

12 Qs

quiz-placeholder

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Review-Quiz2-Dual Credit Accounting

Review-Quiz2-Dual Credit Accounting

Assessment

Quiz

Life Skills

9th - 12th Grade

Hard

Created by

Caroline Bachour

FREE Resource

12 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Amounts that are owed to a business are known as:

accounts receivable.

accounts payable.

capital.

expenses

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does a single line within an amount column of a financial statement indicate?

That the underlined figure is the final amount in a column.

That the underlined figure is a key item within the financial statement.

That the amounts above it are being added or subtracted.

That the amounts below it are being added or subtracted.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When the owner invests cash in a business,

assets and revenue increase.

assets increase and owner's equity decreases.

liabilities decrease and owner's equity increases.

assets and owner's equity increase.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When equipment is purchased for cash,

assets and liabilities increase.

assets increase and liabilities decrease.

assets, liabilities, and owner’s equity are all unchanged

assets and expenses increase.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When a business purchases supplies on credit:

assets decrease and owner's equity increase.

assets increase and revenues increase.

assets and liabilities increase.

liabilities increase and owner's equity decreases.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When a business collects an account receivable:

total assets do not change.

assets increase and revenues increase.

assets and liabilities increase.

assets increase and owner's equity increases.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When the firm pays its utility bill upon receipt of that bill:

assets and owner's equity increase.

assets decrease and expenses increase.

assets and liabilities decrease.

expenses increase and owner's equity increases.

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