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Accounting 1 Test 1
Test Description: Objective 1.01
Instructions: Answer all questions to get your test result.
1) The normal balance of the Cash account is:
A
Zero
B
Debit
C
Debit or Credit
D
Credit
2) The normal balance of the owner's Capital account is:
A
Credit
B
Debit
C
Debit or Credit
D
Zero
3) The normal balance of the Sales (revenue) account is:
A
Credit
B
Debit or Credit
C
Zero
D
Debit
4) The normal balance of the Rent Expense account is:
A
Zero
B
Debit
C
Credit
D
Debit or Credit
5) The normal balance of the Supplies account is:
A
Debit or Credit
B
Zero
C
Debit
D
Credit
6) The normal balance of the Accounts Payable (liability) account is:
A
Debit
B
Zero
C
Credit
D
Debit or Credit
7) The normal balance of the owner's Drawing (withdrawals) account is:
A
Zero
B
Debit
C
Debit or Credit
D
Credit
8) The amount entered on the left side of a T account is:
A
Credit
B
Normal Balance
C
Debit
D
Transaction
9) The amount entered on the right side of a T account is:
A
Debit
B
Normal Balance
C
Transaction
D
Credit
10) A business activity that changes assets, liabilities, or owner's equity is called:
A
Withdrawal
B
Transaction
C
Revenue
D
Expense
*select an answer for all questions
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