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Acct Ch1 v9 Test

Enter the letter for the matching Answer
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1.
Any business activity that changes assets, liabilities or owner's equity
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2.
Classification of the Cash Account
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3.
The standards and rules that accountants follow while recording and reporting financial activities.
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4.
The account used to summarize the owner's equity in a business in a sole proprietorship
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5.
The amount in an account
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6.
When an owner takes out cash or other assets for personal use it affects the _________ account.
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7.
An increase in the owner's equity resulting from the sale of goods or services.
A.
Drawing
B.
GAAP
C.
Account Balance
D.
Transaction
E.
Asset
F.
Capital
G.
Revenue
Type the Answer that corresponds to the displayed Question.
incorrect
8.
Classification of the Prepaid Insurance Account
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9.
Amount remaining after the value of all liabilities are subtracted from all assets
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10.
A business that is owned by one person.
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11.
The accounting concept that states a business's financial information is recorded and reported separately from the owner's personal financial information.
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12.
Classification of an Accounts Payable account.
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13.
The type of business that performs a business activity for a fee. Offers a non-tangible product.
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14.
Sale on Account increases a revenue account and a ______________ account.
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15.
Accounting Equation
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16.
Classification of an Accounts Receivable account.

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