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