Accounting 120 - Computerized Accounting Systems » Spring 2022 » Ch 2 Quiz
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Question #1
Which of the following is considered a permanent account?
A.
All these
B.
Income Statement accounts
C.
Balance Sheet accounts
D.
None of the choices are correct
Question #2
Which of the following is not an income account?
A.
Sales
B.
Interest Revenue
C.
Gain on sale
D.
Insurance Expense
Question #3
Non-posting accounts:
A.
Track information required for the accounting system
B.
All of the choices are correct
C.
Do not appear on the Balance Sheet
D.
Do not appear on the Income Statement
Question #4
Which of the following is an asset?
A.
Mortgage payable
B.
Unearned Revenue
C.
Accounts Payable
D.
Accounts Receivable
Question #5
What does the Chart of Accounts list?
A.
Income and expense accounts
B.
Assets, liabilities and owner's equity accounts
C.
Owner's contributions
D.
All of the choices are correct
Question #6
Which of the following increases owner's equity?
A.
Business losses
B.
Business profits
C.
Dividends
D.
Business expenses
Question #7
What are assets?
A.
Amounts owed to others and are future obligations
B.
Net worth of a company
C.
Resources that a company owns with future benefit
D.
Amounts paid to owners
Question #8
Which of the following is a temporary account?
A.
Accounts Receivable
B.
Accounts Payable
C.
Rent Expense
D.
Inventory
Question #9
To add a new account to the Chart of Accounts:
A.
From the Home Page, select Account > New
B.
From the Company menu, select New Account
C.
From the Chart of Accounts window, select Account > New
D.
From the Lists Menu, select New > Account
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