QUIZ- Chapter 2-Century 21 Accounting I
Quiz by Teresa
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22 questions
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- Q1Amounts to be paid in the future for goods or services already acquired.Accounts payable30s
- Q2Amounts to be received in the future due to the sale of goods or services.Accounts receivable30s
- Q3A list of accounts used by a business.Chart of accounts30s
- Q4The amount recorded on the right side of a T account.Credit30s
- Q5The amount recorded on the left side of a T account.Debit30s
- Q6The side of the account that is increased.Normal balance30s
- Q7An accounting device used to analyze transactions.T account30s
- Q8The values of all things owned (assets) are on the accounting equations A) left side B) right side C) credit side D) none of these BA30s
- Q9The 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 theseB30s
- Q10An amount recorded on the left side of a T account is a A) debit B) credit C) normal balance D) none of theseA30s
- Q11An amount recorded on the right side of a T account is a A) debit B) credit C) normal balance D) none of theseB30s
- Q12The normal balance side of any asset account is the A) debit side B) credit side C) right side D) none of theseA30s
- Q13The normal balance side of any liability account is the A) debit side B) credit side C) left side D) none of theseB30s
- Q14The normal balance side of an owner's capital account is the A) debit side B) credit side C) left side D) none of theseB30s
- Q15Debits 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 transactionD30s