ch7 accounting practice quiz

ch7 accounting practice quiz - 1. (Points: 1) An asset,...

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Unformatted text preview: 1. (Points: 1) An asset, liability, or owners' equity account whose balance is carried over from year to year is a: a. permanent account b. contra account c. trial balance account d. temporary account Save Answer 2. (Points: 1) The first step in the account cycle is to: a. prepare a trial balance b. post entries from the general journal to the general ledger c. prepare financial statements d. identify, analyze and record accounting events in the general journal Save Answer 3. (Points: 1) A company receives a check from a customer they provided services to last year. How will this event impact the accounting equation? a. assets increase; liabilities decrease b. assets increase; assets decrease c. assets decrease; liabilities increase d. assets increase; liabilities increase Save Answer 4. (Points: 1) An owner withdrew cash from the business for personal use. How would this event impact the accounting An owner withdrew cash from the business for personal use....
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This note was uploaded on 03/22/2011 for the course ACCT 2100 taught by Professor Staff during the Fall '10 term at Georgia State University, Atlanta.

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ch7 accounting practice quiz - 1. (Points: 1) An asset,...

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