10. Question 10 Which of the following best defines a credit as it’s used in double-entry accounting? 1 / 1 point An increase in liabilities/expenses and a decrease in assets/owner’s equity and…
18. Question 18 Accounts payable would be an example of what kind of account? 1 / 1 point A liability account. An asset account. Correct Correct! Accounts payable contains the amounts…
16. Question 16 Debits are always represented on what side of a T-chart? 1 / 1 point The left. The right. Correct Correct! We record debits on the left side of…
14. Question 14 A sales manager purchases office supplies with the company credit card. This transaction impacts the accounts payable and the office supplies accounts. In your journal entry, which…
13. Question 13 An owner invests $1000 in the company. This transaction impacted the checking account and the owner’s equity account. In your journal entry, which account do you credit? …
12. Question 12 You purchased inventory from your vendor and paid cash. The accounts affected are the inventory account and the cash account. In your journal entry, which account would…
11. Question 11 Which of the following best defines a debit as it’s used in double-entry accounting? 1 / 1 point An increase in liabilities/expenses and a decrease in assets/owner’s equity and…
9. Question 9 A way of bookkeeping that tracks which accounts increase and which decrease for a given transaction is known as: 1 / 1 point Multiple-entry Single-entry Double-entry Correct Correct!…
8. Question 8 The owner’s stake in the company is defined as: 1 / 1 point Assets Liabilities Equity Correct Correct. Equity represents the owner’s stake in the company.
7. Question 7 What the company owes to others is defined as: 1 / 1 point Assets Liabilities Equity Correct Correct! Liabilities are what a company owes to others.
