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Accounting Quiz

Authored by Maye Austria

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10th Grade

Used 1+ times

Accounting Quiz
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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary rule in bookkeeping?

Assets are things of value owned by a business

Owner's equity refers to the interest of the owner in the assets of a business

Credit is on the right side of an account journal

Debit is on the left side of an account journal

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of a balance sheet?

To report the amount of merchandise sold and valued at selling price

To show the financial position of the business with assets, liabilities, and owner's equity

To compute the expense balance from cash payment and balance sheet data

To summarize revenue items and expenses

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is recorded on the left side of an account journal?

Sales

Debit

Profit

Credit

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the income statement summarize?

Depreciation

Expenses

Revenue items

Net profit

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are current assets in a business?

The interest of the owner in the assets of a business

Assets that do not come within the definitions of current or fixed assets

Assets that in normal operation are expected to be converted into cash

Assets that are required for long term use

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the amount of merchandise sold and valued at selling price?

Purchase

Sales

Receivables

Proprietorship

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the expense balance computed from in the income statement?

Revenue Items

Depreciation

Expense Items

Appreciation

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