Accounting Review Quiz For Final Project

5 Questions | Total Attempts: 81

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Accounting Review Quiz For Final Project - Quiz

Questions and Answers
  • 1. 
    The basic accounting equation is
    • A. 

      Assets + Revenue = Profit

    • B. 

      Assets + Liabilities = Owner's Equity

    • C. 

      Revenue + Assets + Owner`s Equity

    • D. 

      Assets = Liabilities + Owner's Equity

  • 2. 
    The balance sheet reports the balances
    • A. 

      In asset, liability and owner`s equity accounts

    • B. 

      In revenues and expenses

    • C. 

      In assets and liabilities

    • D. 

      Revenues and owner's equity

  • 3. 
    The information needed to prepare the income statement comes from
    • A. 

      The general ledger

    • B. 

      The trial balance

    • C. 

      The balance sheet

    • D. 

      The journal

  • 4. 
    Did GeorgeCo have a net income or loss in May? 
    • A. 

      Net Income

    • B. 

      Net Loss

  • 5. 
    Determining the debit and credit parts of each transaction is called
    • A. 

      Working the transaction

    • B. 

      Breaking down the transaction

    • C. 

      Analyzing the transaction

    • D. 

      Guessing