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Acct 1 - Chp 2
Test Description: Chapter 2 Terms
Instructions: Answer all questions to get your test result.
1) If cash is paid for repairs to equipment, this would ...
A
increase liabilities.
B
increase owner\'s equity.
C
decrease owner\'s equity.
D
decrease liabilities.
2) A transaction to pay for goods and services needed to operate a business results in a decrease in a...
A
Owner\'s Equity
B
Revenue
C
Liabilities
D
Expenses
3) Two transactions that decrease owner\'s equity are ...
A
withdrawals and liabilities.
B
expenses and withdrawals.
C
liabilities and expenses.
D
expenses and investments.
4) When cash is received from sales, ...
A
assets decrease; owner\'s equity decreases.
B
assets increase; owner\'s equity increases.
C
assets decrease: owner\'s equity increases.
D
assets increase; owner\'s equity decreases.
5) A transaction that increases cash and decreases owner\'s equity is ...
A
expense.
B
none of the above.
C
revenue.
D
withdrawal.
6) The name given to to an account is called the ...
A
Asset
B
Owner\'s Equity
C
Account Title
D
Account Balance
7) Organized summaries of a business\'s financial activities are called ...
A
Accounting System.
B
Transactions.
C
Accounting Records.
D
Equities.
8) Prepaid insurance is what type of accout?
A
Liability
B
Owner\'s Equity.
C
Asset
D
Capital
9) The amount in an account is called the ...
A
liability.
B
transaction.
C
account balance.
D
transaction.
10) When the owner withdraws cash for personal use ...
A
assets decrease and owner's equity decreases.
B
assets decrease and owners
C
liabilities increase and assets decrease.
D
liabilites decrease and assets decrease.
*select an answer for all questions
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