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