Q.1
The account used to summarize the owner's equity in a business
  • account
  • expense
  • capital
  • revenue
Q.2
The amount in an account
  • account title
  • revenue
  • account balance
  • accounting records
Q.3
An increase in owner's equity resulting from the operation of a business
  • asset
  • expense
  • withdrawl
  • revenue
Q.4
How would an accountant record an increase in sales?
  • debit
  • credit
Q.5
How would an accountant record an increase in cash?
  • Debit
  • Credit
Q.6
To whom is the Audit report addressed to
  • shareholders
  • directors
  • internal auditor
  • external auditor
Q.7
An asset must be ________ by the business to be shown as an asset in its balance sheet.
  • Possessed
  • Controlled
  • Used
  • Owned
Q.8
The natural, plant-synthesized dietary source of vitamin K is _________.
  • Phylloquinone
  • Menaquinone
  • Menadione
  • VItamin K2
Q.9
How to calculate gross profit on the income statement?
  • 20 secoperating expenses -sales= Gross profit This is a wrong answer
  • Sales- cost of sales= Gross profit This is a correct answer operating
  • income - expenses = gross profit This is a wrong answer
  • cost of sales -sales =Gross profit
Q.10
If the business sold good on credit to Sam, which account will be credited?
  • Sales
  • Purchase
  • Bank
  • Cash
  • Sales return
Q.11
Double entry for drawings.......
  • Credit
  • Debit
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