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Accounting Review

Quiz by Molly Barta

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22 questions
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  • Q1
    Something of value that is owned
    Liability
    Owner's Equity
    Revenue
    Asset
    30s
  • Q2
    Something that is owed
    Expense
    Equity
    Liability
    Drawing
    30s
  • Q3
    A debit means an account is decreased
    True
    False
    30s
  • Q4
    What is the accounting equation?
    A = L + OE
    A + L = OE
    A + L + O = E
    30s
  • Q5
    Prepaid Insurance is classified as
    Revenue
    Asset
    Liability
    Expense
    30s
  • Q6
    The owner of a proprietorship has equity in their business. Who else has equity?
    Stockholders
    Shareholders
    Those to whom money is owed
    30s
  • Q7
    Recording transactions in a journal is called
    Recording
    Debiting
    Journalizing
    Reporting
    30s
  • Q8
    When a 3-digit numbering system is used for a chart of accounts, Cash is account number
    100
    210
    110
    310
    30s
  • Q9
    Linda charged $100 of merchandise to her account. Tax was $5. How much is her Accounts Receivable?
    100
    5
    105
    30s
  • Q10
    What is an advantage of a proprietorship?
    Limited skill set
    Profits are shared
    Ease of formation
    30s
  • Q11
    To transfer ownership of a check to another person, what type of endorsement would you use?
    Restrictive
    Blank
    Special
    30s
  • Q12
    A bank service charge is shown on the bank statement. What account would you debit for this?
    Special Expense
    Miscellaneous Expense
    Cash
    30s
  • Q13
    What term describes the length of time for which a business summarizes/reports financial info?
    Accounting Cycle
    Fiscal Period
    Calendar Year
    30s
  • Q14
    This report shows the financial progress of a business
    Worksheet
    Balance Sheet
    Income Statement
    30s
  • Q15
    What is the last step in the accounting cycle?
    Prepare a Post-Closing Trial Balance
    Post
    Journalize
    Prepare Financial Statements
    30s

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