Accounting Self-Assessment Quiz

Name:_________________________ Period:____ Date:_________ Glencoe Accounting (First-Year Course) Chapter 3, Section 2

1.	Accounts Receivable is
		a liability account
		an equity account
		an asset account
		none of the above

2.	An economic event that causes an increase or decrease in assets, liabilities, or owner`s equity is called
		accounts receivable
		an account
		a business transaction
		accounts payable

3.	When a business buys an item on credit, it is buying
		on sale
		on account
		on-line
		on the cusp

4.	If a business purchased a new computer system for cash the account debited would be
		Accounts Receivable
		Bill Gates
		Computer Equipment
		Cash

5.	If the owner of a business transferred a telephone from her home to the business, the account credited would be
		Owner`s Capital
		Office Equipment
		Cash
		the Phone Company

6.	The purchase of a desk on account will increase Office Furniture and will also increase
		Cash in Bank
		Accounts Payable
		Accounts Receivable
		Owner`s Capital

7.	Accounts Payable is
		an asset account
		an equipment account
		an owner`s equity account
		a liability account

8.	If an owner deposits $30,000 in the business checking account, the two accounts affected are
		Accounts Payable and Money I Owe My Mother-in-Law
		Cash in Bank and Owner`s Capital
		Cash in Bank and Accounts Payable
		Accounts Receivable and Accounts Payable