1) Accounting entries involve a minimum of how many accounts? a) One b) Two c) Three 2) Which term is associated with "right" or "right side"? a) Debit b) Credit 3) What are the main sections on balance sheet? a) Assets, revenue, expenses b) Assets, liabilities, equity c) Assets, liabilities, expenses d) Assets, gains, revenue 4) Increasing a liability involves crediting the account. a) True b) False 5) Which financial statement displays the revenues and expenses of a company for a period of time? a) Income Statement b) Balance Sheet c) Cash Flow Statement d) Statement of Stockholder's Equity 6) Who is the father of accounting? a) Tunku Abdul Rahman b) Albert Jisson c) Luca Pacioli 7) Where have been found first record of accounting? a) Egypt b) Mesopotamia c) Ancient Rome d) Mauryan Empire 8) The Accounting Equation is a) Owner's Equity = Assets + Liabilities b) Assets = Liabilities - Owner's Equity c) Assets = Liabilities + Owner's Equity d) None of the above 9) The following are the process of accounting, except a) Recording b) Communicating c) Computing d) Identifying 10) What is GAAP? a) Global Accounting and Auditing Principles b) Government Accounting and Auditing Protocol c) Generally Accepted Accounting Principles

Account Quiz

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