Accounting Question Preview (ID: 53141)
Accounting.
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Account receivables are examples of
a) Assets
b) Liabilities
c) Owner's Equity
d) None of the above
Sold Equipment to customer for $500 on account. What accounts are affected?
a) Account receivables and Equipments
b) Account payables and supplies
c) Cash and equipment
d) None of the above
Account receivables increase by debit
a) True
b) False
c)
d)
Account payables decrease by credit
a) True
b) False
c)
d)
Asset increases by debit
a) True
b) False
c)
d)
Asset is on the left side of the accounting equation and it increases by
a) Debit
b)
c)
d)
Debit what comes in an credit what...
a) Goes out
b)
c)
d)
Amount owe by business is liabilities
a) True
b)
c)
d)
Resources of economic value used for business operations is called
a) Assets
b) Liabilities
c) Owner's Equity
d)
Owner's equity increases by debit
a) True
b) False
c)
d)
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