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.
Balance Sheet accounts
B.
None of the choices are correct
C.
Income Statement accounts
D.
All these
Question #2
Which of the following is not an income account?
A.
Gain on sale
B.
Sales
C.
Interest Revenue
D.
Insurance Expense
Question #3
Non-posting accounts:
A.
All of the choices are correct
B.
Track information required for the accounting system
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.
Unearned Revenue
B.
Accounts Payable
C.
Mortgage payable
D.
Accounts Receivable
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.
Income and expense accounts
D.
Owner's contributions
Question #6
Which of the following increases owner's equity?
A.
Business expenses
B.
Business profits
C.
Business losses
D.
Dividends
Question #7
What are assets?
A.
Resources that a company owns with future benefit
B.
Amounts paid to owners
C.
Amounts owed to others and are future obligations
D.
Net worth of a company
Question #8
Which of the following is a temporary account?
A.
Rent Expense
B.
Inventory
C.
Accounts Payable
D.
Accounts Receivable
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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