Paper Topic:
Accounting Quiz
Save A trial balance that balances proves that no errors were made in the accounting process FALSE sub section Save The purchase of office supplies on account would cause a debit to office supplies and a credit to accounts payable FALSE sub section Save Performing a service and immediately collecting cash will result in Credit to cash sub section Save The purchase of a building with a down payment of cash and the signing of a note payable for the remainder would include a
debit to building , a credit to cash , and a credit to notes payable
FALSE
sub section
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The account credited when supplies are purchased on account would be
Cash
sub section
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An advertising bill received in the current accounting period that will not be paid until the next accounting period would
Ultimately decrease owner 's equity
sub section
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All of the following are assets except
Buildings
sub section
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The normal balance in an asset account is a __________ while the normal balance in a liability account is _______________
debit , credit
sub section
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Performing a service on account would
Increase liabilities
sub section
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The normal balance of a liability is a _____________ while the normal balance in the capital account is __________________
debit , debit
sub section
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Making a payment of a liability would
Increase Assets
sub section
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Transactions are first recorded in the
General Journal
sub section
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The payment of salaries to employees would
Increase assets
sub section
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