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