Accounting Review
Quiz by Amy Whitlatch
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33 questions
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- Q1An equation showing the relationship among assets, liabilities, and owner's equityasset equationaccounting equationfinancial equation30s
- Q2An increase in owner's equity resulting from the operation of a businesssalesinvestmentrevenue30s
- Q3A decrease in owner's equity resulting from the operation of a businessliabilityexpenseinvestment30s
- Q4The account used to summarize the owner's equity in a businesssalesrevenuecapital30s
- Q5What is the normal balance of Cash?debitcredit30s
- Q6What is the normal balance of the business' capital account?creditdebit30s
- Q7Keeping personal and business records separate is an application of the business entity concept.truefalse30s
- Q8The accounting equation does not have to be in balance to be correcttruefalse30s
- Q9What is the normal balance of an accounts receivable account?creditdebit30s
- Q10A withdrawal decreases owner's equityfalsetrue30s
- Q11What is the normal balance of an expense?debitcredit30s
- Q12The side of the account that is increasedcredit sidenormal balancedebit side30s
- Q13What is the normal balance of sales?creditdebit30s
- Q14An accounting device used to analyze transactionsT accountchart of accountsledger account30s
- Q15A form for recording transactions in chronological ordergeneral amount columnjournalgeneral ledger30s