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Accounting Review
Quiz by Molly Barta
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22 questions
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- Q1Something of value that is ownedLiabilityOwner's EquityRevenueAsset30s
- Q2Something that is owedExpenseEquityLiabilityDrawing30s
- Q3A debit means an account is decreasedTrueFalse30s
- Q4What is the accounting equation?A = L + OEA + L = OEA + L + O = E30s
- Q5Prepaid Insurance is classified asRevenueAssetLiabilityExpense30s
- Q6The owner of a proprietorship has equity in their business. Who else has equity?StockholdersShareholdersThose to whom money is owed30s
- Q7Recording transactions in a journal is calledRecordingDebitingJournalizingReporting30s
- Q8When a 3-digit numbering system is used for a chart of accounts, Cash is account number10021011031030s
- Q9Linda charged $100 of merchandise to her account. Tax was $5. How much is her Accounts Receivable?100510530s
- Q10What is an advantage of a proprietorship?Limited skill setProfits are sharedEase of formation30s
- Q11To transfer ownership of a check to another person, what type of endorsement would you use?RestrictiveBlankSpecial30s
- Q12A bank service charge is shown on the bank statement. What account would you debit for this?Special ExpenseMiscellaneous ExpenseCash30s
- Q13What term describes the length of time for which a business summarizes/reports financial info?Accounting CycleFiscal PeriodCalendar Year30s
- Q14This report shows the financial progress of a businessWorksheetBalance SheetIncome Statement30s
- Q15What is the last step in the accounting cycle?Prepare a Post-Closing Trial BalancePostJournalizePrepare Financial Statements30s