Acct 1 - Chp 2 Question Preview (ID: 2393)


Chapter 2 Terms. TEACHERS: click here for quick copy question ID numbers.

If cash is paid for repairs to equipment, this would ...
a) increase liabilities.
b) decrease liabilities.
c) increase owner\'s equity.
d) decrease owner\'s equity.

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

Two transactions that decrease owner\'s equity are ...
a) expenses and investments.
b) liabilities and expenses.
c) withdrawals and liabilities.
d) expenses and withdrawals.

When cash is received from sales, ...
a) assets increase; owner\'s equity decreases.
b) assets decrease: owner\'s equity increases.
c) assets increase; owner\'s equity increases.
d) assets decrease; owner\'s equity decreases.

A transaction that increases cash and decreases owner\'s equity is ...
a) expense.
b) none of the above.
c) withdrawal.
d) revenue.

The name given to to an account is called the ...
a) Account Title
b) Owner\'s Equity
c) Asset
d) Account Balance

Organized summaries of a business\'s financial activities are called ...
a) Accounting System.
b) Accounting Records.
c) Transactions.
d) Equities.

Prepaid insurance is what type of accout?
a) Owner\'s Equity.
b) Capital
c) Asset
d) Liability

The amount in an account is called the ...
a) transaction.
b) account balance.
c) liability.
d) transaction.

When the owner withdraws cash for personal use ...
a) liabilities increase and assets decrease.
b) liabilites decrease and assets decrease.
c) assets decrease and owner's equity decreases.
d) assets decrease and owners

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