1) You've already used the bills, but you haven't paid them yet. a) Flat A. Accounts receivable b) B. Accounts payable c) C. Utilities payable d) D. Notes payable 2) The purchase of equipment for cash will: a) A. Increase total assets b) B. Decrease total assets c) C. Have no effect on total assets d) D. Increase liabilities 3) Prepaid rent is classified as a: a) A. Expense b) B. Liability c) C. Revenue d) D. Asset 4) What account is debited when office supplies are purchased for cash? a) A. Cash b) B. Supplies Expense c) C. Supplies d) D. Accounts Payable 5) When the owner invests cash into the business, it will: a) A. Increase liabilities b) B. Increase owner’s equity c) C. Decrease owner’s equity d) D. Decrease assets

ACCOUNTING QUIZ

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