Practice Questions.docx - Chapter 2 Practice test questions 1 The records that are kept for the individual asset liability and owners equity components

Practice Questions.docx - Chapter 2 Practice test questions...

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Chapter 2 Practice test questions 1. The records that are kept for the individual asset, liability, and owner’s equity components are known as accounts. 2. Assets and expenses may be increased with a: 3. Liabilities, equity, and revenue accounts are decreased with: 4. Accounts are increased with credits and decreased with debits. 5. Which accounting record is sometimes known as the book of original entry? 6. The journal entry to record the billing of clients for services rendered would involve a debit to Accounts Receivable and a credit to: 7. Which account would be debited to reflect receipt of a $500 utility bill? 8. All the accounts taken together comprise a firm’s: 9. The transactions in the journal and the accounts in the ledger are linked together by a transfer process called: 10. The ledger can be thought of as a:
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Chapter 2 Practice test questions
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