Accounting, Financial Accounting Exam 1 Questions With Correct Answers
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Course
Financial Accounting
Institution
Financial Accounting
Accounting, Financial Accounting Exam 1
Questions With Correct Answers
Debit - answerAssets, Expenses, Dividends
Credit - answerLiabilities, Owners Equity, Revenues, Acc. Dep
debit is an - answerincrease
credit is a - answerdecrease
sole proprietorship - answer1 person, easy to start, all pro...
investing activities - answer✔obtaining resources or assets needed to operate the business
-equipment, buildings
financing activities - answer✔it takes money to make money
-borrow money, bonds, stocks
3 types of business activities - answer✔operating, investing, financing
Cash - answer✔Asset
Accounts receivable - answer✔asset
supplies - answer✔assets
prepaid rent - answer✔asset
accounts payable - answer✔liab
acc dep-building - answer✔liab
acc dep-equip - answer✔liab
bonds payable - answer✔long term liab
buildings - answer✔assets
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