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ACC1 1.01 TestBank
Questions for Accounting Objective 1.01
| Question | Answer |
|---|---|
| What is the effect when $300 cash is paid to Accounts Payable/Bob's Office Supply? | Assets decrease $300 and liabilities decrease $300. |
| What is an example of an account that has a normal credit balance? | Sales |
| Cash, Office Equipment, and Prepaid Insurance are all classified as: | assets |
| What is an example of an account that has a normal credit balance? | Account's Payable/Jones Supply |
| What is an example of an account that has a normal debit balance? | Advertising Expense |
| What is an example of an account that has a normal debit balance? | Rent Expense |
| What is the effect on owner's equity when a business receives $2,000 cash from sales? | Increased by $2,000 |
| What is the effect when $200 cash is paid to an advertising agency for advertisements for the business? | Assets decrease $200 and owner's equity decrease $200. |
| Rent, the telephone bill, and advertising costs are all classified as: | expenses |
| What is the effect on assets when the owner increases owner's equity by investing $1,000 in the business? | Increased by $1,000 |
| What is an example of an account that has a normal debit balance? | Accounts Receivable/Oakdale School |
| What is an example of an account that has a normal credit balance? | Delivery Revenue |
Created by:
denise.stevens5