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Accounting Review Unit 1

Quiz by Christina McLamb

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12 questions
Show answers
  • Q1
    The normal balance side for an asset account is the debit side.
    True
    False
    30s
  • Q2
    “Debit” means the increase side of an account.
    False
    True
    30s
  • Q3
    The basic accounting equation may be expressed as A – L = OE.
    False
    True
    30s
  • Q4
    The right side of a T Account is always the debit side.
    False
    True
    30s
  • Q5
    For every debit there must be an equal credit.
    True
    False
    30s
  • Q6
    Cash, Office Equipment, and Prepaid Insurance are all classified as:
    Liabilities
    Assets
    30s
  • Q7
    Accounting is the process of keeping up with a person's:
    equity
    equations
    finances
    balance
    30s
  • Q8
    A business that is owned by 2 people is called what?
    Corporation
    Partnership
    LLC
    Sole Proprietorship
    30s
  • Q9
    A business activity that changes assets, liabilities, or owners equity is called?
    Credits
    Debits
    Revenue
    Transactions
    30s
  • Q10
    Which of these are NOT key principles for ethics in accounting?
    competence
    problem-solving skills
    confidentiality
    integrity
    30s
  • Q11
    The business gets a promise to pay from their customer and gives up a product or service to their customer.
 The debit is:
    Accounts Payable
    Notes Payable
    Cash
    Accounts Receivable
    30s
  • Q12
    The business gets services from their employees and gives up a check.
 The debit is:
    Owner's Draw
    Cash
    Accounts Payable
    Salary & Wages Expense
    30s

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