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Basic Financial Accounting

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Basic Financial Accounting
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15 questions

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1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The liability created when supplies are bought on account is called an accounts payable

True

False

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Assets are things of value owned by a business entity

True

False

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Every transaction is recorded in terms of increases and/or decreases in two or more accounts

True

False

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Liabilities represent amounts owed to creditors.

True

False

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

In the fundamental accounting equation, assets are added to liabilities

True

False

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Business transactions are expressed in terms of money

True

False

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

When a business receives cash, it is always recorded as an increase to Cash and a decrease to an Expense

True

False

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