Accounting 1st 9-Weeks Part 1: Question Preview (ID: 7149)

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States that the assets of the business equal the liabilities plus the owner's equity
a) Accounting Cycle
b) Business Transaction
c) Accounting Equation
d) Double-Entry Accounting

When an owner takes cash or other assets from the business for personal use
a) Debit
b) Expenses
c) Withdrawal
d) Credit

An economic event that causes a change in the assets, liabilities, or owner's equity of a business
a) Accounting Cycle
b) Business Transaction
c) Accounting Equation
d) Withdrawal

Income earned from the sale of goods or services
a) Expenses
b) Revenue
c) Net Income
d) Net Loss

The debts of a business
a) Liabilities
b) Assets
c) Owner's Equity
d) Net Loss

Every business transaction affects ________ or more accounts and is recorded by equal amounts of debits and credits.
a) one
b) two
c) three
d) four

A financial recordkeeping system in which each business transaction affects at least two accounts.
a) Double-Entry Accounting
b) Accounting Cycle
c) Management Accounting
d) Financial Accounting

The increase side of an account
a) Debit
b) Credit
c) Normal Balance
d) Withdrawal

An amount entered on the right side of the T account
a) Debit
b) Credit
c) Increase
d) Decrease

List of all the accounts used by a business when journalizing its transactions
a) Chart of Accounts
b) General Journal
c) Ledger
d) Accounting Cycle

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