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Accounting
Test Description: Accounting
Instructions: Answer all questions to get your test result.
1) Account receivables are examples of
A
Liabilities
B
None of the above
C
Assets
D
Owner's Equity
2) Sold Equipment to customer for $500 on account. What accounts are affected?
A
None of the above
B
Account payables and supplies
C
Cash and equipment
D
Account receivables and Equipments
3) Account receivables increase by debit
A
False
B
True
4) Account payables decrease by credit
A
False
B
True
5) Asset increases by debit
A
False
B
True
6) Asset is on the left side of the accounting equation and it increases by
A
Debit
7) Debit what comes in an credit what...
A
Goes out
8) Amount owe by business is liabilities
A
True
9) Resources of economic value used for business operations is called
A
Owner's Equity
B
Liabilities
C
Assets
10) Owner's equity increases by debit
A
True
B
False
*select an answer for all questions
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