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Accounting 1st 9-Weeks Part 1
Test Description: Accounting 1st 9-Weeks Review Part 1
Instructions: Answer all questions to get your test result.
1) States that the assets of the business equal the liabilities plus the owner's equity
A
Business Transaction
B
Accounting Equation
C
Accounting Cycle
D
Double-Entry Accounting
2) When an owner takes cash or other assets from the business for personal use
A
Debit
B
Withdrawal
C
Credit
D
Expenses
3) An economic event that causes a change in the assets, liabilities, or owner's equity of a business
A
Accounting Cycle
B
Business Transaction
C
Accounting Equation
D
Withdrawal
4) Income earned from the sale of goods or services
A
Net Income
B
Revenue
C
Net Loss
D
Expenses
5) The debts of a business
A
Assets
B
Owner's Equity
C
Liabilities
D
Net Loss
6) Every business transaction affects ________ or more accounts and is recorded by equal amounts of debits and credits.
A
two
B
one
C
four
D
three
7) A financial recordkeeping system in which each business transaction affects at least two accounts.
A
Financial Accounting
B
Management Accounting
C
Accounting Cycle
D
Double-Entry Accounting
8) The increase side of an account
A
Normal Balance
B
Debit
C
Withdrawal
D
Credit
9) An amount entered on the right side of the T account
A
Increase
B
Decrease
C
Credit
D
Debit
10) List of all the accounts used by a business when journalizing its transactions
A
Ledger
B
Accounting Cycle
C
Chart of Accounts
D
General Journal
*select an answer for all questions
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