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.
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.
Sales
B.
Gain on sale
C.
Insurance Expense
D.
Interest Revenue
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 Receivable
B.
Accounts Payable
C.
Unearned Revenue
D.
Mortgage payable
Question #5
What does the Chart of Accounts list?
A.
All of the choices are correct
B.
Owner's contributions
C.
Assets, liabilities and owner's equity accounts
D.
Income and expense accounts
Question #6
Which of the following increases owner's equity?
A.
Dividends
B.
Business expenses
C.
Business losses
D.
Business profits
Question #7
What are assets?
A.
Amounts owed to others and are future obligations
B.
Resources that a company owns with future benefit
C.
Amounts paid to owners
D.
Net worth of a company
Question #8
Which of the following is a temporary account?
A.
Inventory
B.
Accounts Receivable
C.
Accounts Payable
D.
Rent Expense
Question #9
To add a new account to the Chart of Accounts:
A.
From the Chart of Accounts window, select Account > New
B.
From the Home Page, select Account > New
C.
From the Company menu, select New Account
D.
From the Lists Menu, select New > Account
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