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.
Balance Sheet accounts
C.
All these
D.
None of the choices are correct
Question #2
Which of the following is not an income account?
A.
Interest Revenue
B.
Insurance Expense
C.
Gain on sale
D.
Sales
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.
Accounts Payable
B.
Mortgage payable
C.
Unearned Revenue
D.
Accounts Receivable
Question #5
What does the Chart of Accounts list?
A.
All of the choices are correct
B.
Owner's contributions
C.
Income and expense accounts
D.
Assets, liabilities and owner's equity accounts
Question #6
Which of the following increases owner's equity?
A.
Dividends
B.
Business losses
C.
Business expenses
D.
Business profits
Question #7
What are assets?
A.
Resources that a company owns with future benefit
B.
Amounts paid to owners
C.
Net worth of a company
D.
Amounts owed to others and are future obligations
Question #8
Which of the following is a temporary account?
A.
Accounts Payable
B.
Accounts Receivable
C.
Inventory
D.
Rent Expense
Question #9
To add a new account to the Chart of Accounts:
A.
From the Lists Menu, select New > Account
B.
From the Home Page, select Account > New
C.
From the Chart of Accounts window, select Account > New
D.
From the Company menu, select New Account
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