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Business Transaction II
Test Description: FUHRMS - Determining Effects of Transactions on the Accounting Equation
Instructions: Answer all questions to get your test result.
1) Butler Florist issued a check for $400 in partial payment of an amount owed to a creditor.
A
Cash in Bank will increase.
B
Accounts Receivable will increase.
C
Accounts Payable will increase.
D
The business is paying off some of its debts.
2) Butler Florist issued a check for $400 in partial payment of an amount owed to a creditor.
A
Accounts Payable will decrease.
B
Accounts Receivable will decrease.
C
Accounts Receivable will increase.
D
Cash in Bank will increase.
3) Butler Florist sold the calculator for $200 on account.
A
Accounts Receivable will increase.
B
Accounts Payable will increase.
C
Accounts Payable will decrease.
D
Owner's Equity will increase.
4) Butler Florist sold the calculator for $200 on account.
A
Office Equipment will decrease.
B
Cash in Bank will increase.
C
Delivery Equipment will decrease.
D
Owner's Equity will decrease.
5) Butler Florist received a check for wedding floral arrangement services, $1,200.
A
Cash in Bank will increase.
B
Owner's Equity will decrease.
C
Accounts Receivable will increase.
D
Accounts Payable will increase.
6) Butler Florist received a check for wedding floral arrangement services, $1,200.
A
Accounts Payable will increase.
B
Accounts Receivable will decrease.
C
Owner's Equity will increase.
D
Accounts Receivable will increase.
7) Butler Florist wrote a check for $1,000 to pay the monthly rent.
A
Owner's Equity will decrease.
B
Owner's Equity will increase.
C
Accounts Payable will increase.
D
Accounts Receivable will increase.
8) Butler Florist wrote a check for $1,000 to pay the monthly rent.
A
Checks are not the same as Cash in Bank.
B
Expenses will increase.
C
Cash in Bank will increase.
D
Owner's Equity will increase.
9) The business issued a check for $1,000 to Marion Butler for personal use.
A
Owner's Equity will increase.
B
Expenses will increase.
C
Profits will decrease.
D
Cash in Bank will decrease.
10) The business issued a check for $1,000 to Marion Butler for personal use.
A
Owner's Equity will decrease.
B
Checks are not the same as Cash in Bank.
C
Profits will decrease.
D
Expenses will increase.
*select an answer for all questions
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