Accounting Self-Assessment Quiz

Name:_________________________ Period:____ Date:_________ Glencoe Accounting (First-Year Course) Chapter 4, Section 1

1.	The left side of a T account is always the
		credit side
		debit side
		liability side
		revenue side

2.	An asset account is increased on the
		debit side
		credit side
		right side
		it depends on which asset account is involved

3.	Liability and owner`s equity are
		decreased on the credit side
		decreased on the right side
		increased on the credit side
		not handled the same

4.	Whether an accounting system is manual or electronic, accounts are grouped together in a
		safe
		ledger
		report
		small building

5.	The correct order for accounts to be listed in a chart of accounts is
		Revenues, Liabilities, Owner`s Equity, Assets, Expenses
		Pickles, Lettuce, Cheese, Tomato, Burger
		Assets, Liabilities, Owner`s Equity, Revenue, Expense
		Assets, Liabilities, Owner`s Equity, Expenses, Revenue

6.	An accounting system that affects at least two accounts is called
		double-entry accounting
		keeping two sets of books
		cooking the books
		ledger accounting

7.	For liabilities the decrease side is the
		left side
		cash amount
		normal balance
		right side

8.	The normal balance side is the
		decrease side
		asset side
		liability side
		increase side

9.	To keep track of accounts, a business develops
		a business plan
		a T account
		a chart of accounts
		a charter

10.	Assets normally have
		a credit balance
		a decrease on the left side
		a debit balance
		none of the above