NOTE: For multiple-choice and true/false questions, simply place your cursor over what you think is the correct answer. (There is no need to click the answer.) For fill-in-the-blank questions place your cursor over the _________.
If you have difficulty answering the following questions, learn more about this topic by reading our Accounting Basics Explanation.
| 6. |
Resources owned by a company (such as cash, accounts receivable, vehicles) are reported on the balance sheet and are referred to as __________________.
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| 8. |
Obligations (amounts owed) are reported on the balance sheet and are referred to as ________________.
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| 11. |
Accounting entries involve a minimum of how many accounts? |
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one
two
three
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| 14. |
Which term is associated with "left" or "left-side"? |
Debit |
Credit |
| 15. |
Which term is associated with "right" or "right-side"? |
Debit |
Credit |
| 16. |
When cash is received, the account Cash will be |
Debited |
Credited |
| 17. |
When a company pays a bill, the account Cash will be |
Debited |
Credited |
| 18. |
What will usually cause an asset account to increase? |
Debit |
Credit |
| 19. |
What will usually cause the liability account Accounts Payable to increase? |
Debit |
Credit |
| 20. |
Entries to expenses such as Rent Expense are usually |
Debits |
Credits |
| 21. |
Entries to revenues accounts such as Service Revenues are usually |
Debits |
Credits |
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