Accounting Chapter 2
Quiz by Allison Ferguson
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18 questions
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- Q1Businesses use ________________________ to summarize all the information pertaining to a single item.chartst-accountsaccountspages30s
- Q2A drawing account is increased by ______________.creditsdebits30s
- Q3A list of accounts used by a business is ajournalaccountchart of accountst-account30s
- Q4Accounts Payable accounts are increased with acreditdebit30s
- Q5Accounts Receivable accounts are increased with adebitcredit30s
- Q6The owner’s equity account is increased on the ______________ side, because the owner’s capital account has a normal balance on the ________________side.creditdebit30s
- Q7The left side of a t-account is thedecrease sidecredit sidedebit sideincrease side30s
- Q8The normal balance of assetsdebitcredit30s
- Q9Before a transaction is recorded in the records of a business, it is analyzed to determine which accounts are changed and how.TrueFalse30s
- Q10Common accounting practice is to record withdrawals as debits in theowner's drawing accountcash accountowner's capital accountowner's equity account30s
- Q11Increases in expense accounts are recorded as debits, because they _______________ the owner’s capital account.increasedecrease30s
- Q12Increases in revenue accounts are recorded as ___________________, because they increase the owner’s capital account.creditsdebits30s
- Q13The balance of an account increases on the same side asthe debits.the normal balance side.the credits.30s
- Q14When cash is paid for an expense, cash iscrediteddebited30s
- Q15When $1,500 cash is received on account,Sales is increased with a credit and Cash is increased with a credit.Accounts Receivable is decreased with a debit and Cash is increased with a debit.Accounts Receivable is increased with a debit and Cash is increased with a credit.Accounts Receivable is decreased with a credit and Cash is increased with a debit30s