Accounting 120 - Computerized Accounting Systems » Spring 2023 » Ch 2 Quiz
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Question #1
Which of the following is considered a permanent account?
A.
Income Statement accounts
B.
None of the choices are correct
C.
All these
D.
Balance Sheet accounts
Question #2
Which of the following is not an income account?
A.
Interest Revenue
B.
Gain on sale
C.
Insurance Expense
D.
Sales
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 Income Statement
D.
Do not appear on the Balance Sheet
Question #4
Which of the following is an asset?
A.
Accounts Receivable
B.
Accounts Payable
C.
Mortgage payable
D.
Unearned Revenue
Question #5
What does the Chart of Accounts list?
A.
Owner's contributions
B.
Assets, liabilities and owner's equity accounts
C.
All of the choices are correct
D.
Income and expense accounts
Question #6
Which of the following increases owner's equity?
A.
Business expenses
B.
Business losses
C.
Dividends
D.
Business profits
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 Payable
B.
Rent Expense
C.
Inventory
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 Chart of Accounts window, select Account > New
D.
From the Home Page, select Account > New
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