Accounting Chapter 1 Quiz

Which of the following is reported on the Balance Sheet? -Accounts Payable -Depreication expense -fees earned -withdrawls

Accounts Payable

Select the accounts affected by the following transaction: TJ REX receives the utility bill but will wait and pay it next month -Cash and Accounts Receivable -Accounts payable and expenses -Accounts receivable and revenue -cash and revenue

Accounts payable and expenses

Select the accounts affected by the following transaction: TJ Rex uses credit to buy musical instruments to sell in the store -Assets and owners equity -Assets and liabilities -Liabilities and owners equity -other

Assets and Liabilities

Which financial statement illustrates the accounting equation? -Income statement -Balance Sheet -Statement of cash flaws -Statement of Owners equity

Balance Sheet

Which of the follow is not an asset? -land -mortgage payable -patents -cash

Mortgage payable

Which of the following is represented on the income statement? -Cash received from sales equipment -Accounts Payable -Office Equipment -Net Loss

Net Loss

Select the accounts affected by the following transaction: TJ Rex invests $50,000 to open a music store -Assets and owners equity -Assets and liabilities -Liabilities and owners equity -capital and owners equity -other

assets and owners equity

Select the accounts affected by the following transaction: TJ Rex receives $100 for previous lessons provided on account -Cash and expenses -Cash and revenue -Cash and Accounts receivable -Accounts receivable and revenue

cash and accounts receivable

Select the accounts affected by the following transaction: TJ Rex provides guitar lessons for $25 each -cash and accounts payable -cash and revenue -accounts receivable and revenue -cash and expenses

cash and revenue

Which of the following will not appear on the statement of owners equity? -capital -withdrawls -fees earned -net income

fees earned