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