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