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Business Transaction I
Test Description: FUHRMS - Determining Effects of Transactions on the Accounting Equation
Instructions: Answer all questions to get your test result.
1) Marion Butler deposited $25,000 in the bank to open a checking account in the name of Butler Florist.
A
This will decrease Cash in Bank.
B
This will increase Liabilities.
C
This will decrease Owner's Equity.
D
This will increase Owner's Equity.
2) Marion Butler deposited $25,000 in the bank to open a checking account in the name of Butler Florist.
A
This will increase Liabilities.
B
This will decrease Owner's Equity.
C
This will decrease Assets.
D
This will increase Cash in Bank.
3) The owner invested a calculator worth $200.
A
This will increase Office Equipment.
B
This will decrease Assets.
C
This will increase Cash in Bank.
D
This will decrease Owner's Equity.
4) The owner invested a calculator worth $200.
A
This will increase Cash in Bank.
B
This will decrease Assets.
C
This will increase Owner's Equity.
D
This will increase Accounts Receivable.
5) An asset is something you own such as...
A
Owner's Equity
B
Accounts Receivable
C
Accounts Payable
D
Profit
6) To sell something to a customer 'on account' means...
A
The business owes money and it is an Accounts Payable.
B
The business is owes money and it is an Accounts Receivable.
C
The business is owed money and it is an Accounts Receivable.
D
The business is owed money and it is an Accounts Payable.
7) Butler Florist issued a check for $10,000 for delivery equipment.
A
A check is not the same as cash so only equipment increases.
B
This will increase Delivery Equipment.
C
This will increase Cash in Bank.
D
This will increase Office Equipment.
8) Butler Florist issued a check for $10,000 for delivery equipment.
A
Liabilities will increase.
B
The net effect on assets is zero.
C
This will increase Office Equipment.
D
This will increase Cash in Bank.
9) Butler Florist bought a copier on account for $2,400.
A
This will increase Office Equipment.
B
The net effect on assets is zero.
C
This will increase Owner's Equity.
D
This decrease Cash in Bank.
10) Butler Florist bought a copier on account for $2,400.
A
This will increase Accounts Payable..
B
This will decrease Owner's Equity.
C
This decrease Cash in Bank.
D
This will increase Accounts Receivable.
*select an answer for all questions
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