Accounting 9-1 Quiz

10 Questions

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Accounting Quizzes & Trivia

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Questions and Answers
  • 1. 
    Goods a business purchases to sell are called capital?
    • A. 

      True

    • B. 

      False

  • 2. 
    A corporation is an organization with legal rights of a person.
    • A. 

      True

    • B. 

      False

  • 3. 
    Each unit of ownership in a corporation is called a share of stock.
    • A. 

      True

    • B. 

      False

  • 4. 
    A business from which merchandise, supplies, or other assets are purchased is called product.
    • A. 

      True

    • B. 

      False

  • 5. 
    The total shares of ownership in a corporation are called product.
    • A. 

      True

    • B. 

      False

  • 6. 
    Subsidiary ledger and subledger mean the same.
    • A. 

      True

    • B. 

      False

  • 7. 
    The Date is the first thing you write to start a Subsidiary Ledger.
    • A. 

      True

    • B. 

      False

  • 8. 
    The subsidiary ledger containing vendor accounts is called an Accounts payable ledger.
    • A. 

      True

    • B. 

      False

  • 9. 
    Accounts Payable is liability account that is increased by a credit and decreased by a debit.
    • A. 

      True

    • B. 

      False

  • 10. 
    The companies account name starts the new page in a Subsidiary Ledger.
    • A. 

      True

    • B. 

      False