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