Expense accounts normally have a debit balance.
NOCTI Accounting Review

Flashcard
•
Business
•
10th - 12th Grade
•
Hard
Quizizz Content
FREE Resource
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20 questions
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1.
FLASHCARD QUESTION
Front
Back
True
2.
FLASHCARD QUESTION
Front
The properties used in the operation or investment activities of a business are called
Back
Assets
3.
FLASHCARD QUESTION
Front
A detailed listing of all accounts is called
Back
chart of accounts
4.
FLASHCARD QUESTION
Front
A debit increases a liability account
Back
False
5.
FLASHCARD QUESTION
Front
What is the accounting equation?
Back
A = L + OE
6.
FLASHCARD QUESTION
Front
What accounting form identifies a net loss or net gain? Options: balance sheet, statement of owner's equity, trial balance, income statement
Back
income statement
7.
FLASHCARD QUESTION
Front
How many owners are in a proprietorship?
Back
1
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