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QUIZ- Chapter 2-Century 21 Accounting I

Quiz by Teresa

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22 questions
Show answers
  • Q1
    Amounts to be paid in the future for goods or services already acquired.
    Accounts payable
    30s
  • Q2
    Amounts to be received in the future due to the sale of goods or services.
    Accounts receivable
    30s
  • Q3
    A list of accounts used by a business.
    Chart of accounts
    30s
  • Q4
    The amount recorded on the right side of a T account.
    Credit
    30s
  • Q5
    The amount recorded on the left side of a T account.
    Debit
    30s
  • Q6
    The side of the account that is increased.
    Normal balance
    30s
  • Q7
    An accounting device used to analyze transactions.
    T account
    30s
  • Q8
    The values of all things owned (assets) are on the accounting equations A) left side B) right side C) credit side D) none of these B
    A
    30s
  • Q9
    The values of all equities or claims against the assets (liabilities and owner's equity) are on the accounting equation's A) left side B) right side C) debit side D) none of these
    B
    30s
  • Q10
    An amount recorded on the left side of a T account is a A) debit B) credit C) normal balance D) none of these
    A
    30s
  • Q11
    An amount recorded on the right side of a T account is a A) debit B) credit C) normal balance D) none of these
    B
    30s
  • Q12
    The normal balance side of any asset account is the A) debit side B) credit side C) right side D) none of these
    A
    30s
  • Q13
    The normal balance side of any liability account is the A) debit side B) credit side C) left side D) none of these
    B
    30s
  • Q14
    The normal balance side of an owner's capital account is the A) debit side B) credit side C) left side D) none of these
    B
    30s
  • Q15
    Debits must equal credits A) in a T account B) on the equation's left side C) on the equation's right side D) for each transaction
    D
    30s

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