1. Cash increases by: a) debit b) credit c) capital d) expense 2. The only accounts that are closed are those of: a) Capital b) Liabilities c) Income and expenses d) debts 3. Liabilities increase by and decrease by a) Debit b) Credit c) income d) expenses 4. The Capital account (Equity) increases by: a) debit b) credit c) income d) expense 5. The account receivable (Reciable Account) belongs: a) debit b) credit c) Capital d) Assets 6. We define expenses as: a) Capital reduction b) The sum of Assets, Liabilities and Capital c) Any ordinary and necessary disbursement to increase income d) Disbursement necessary to acquire a resource and pay debt 7. The expense account increases by: a) debit b) credit c) Capital d) Liabilities 8. The accounting period is defined as: a) unit of time to recognize capital gains and losses b) unit of time to record expense accounts only c) unit of time to recognize cash gains and losses d) unit of time to recognize capital gains and losses 9. When the company buys a car, financing $ 14,000 and gives an advance of $ 2,000. The accounting entries: a) DR-Cash $ 14,000 CR- Account Payable $ 14,000 b) DR-Cash $ 16,000 CR- Loan Payable $2,000 c) DR- Equipment $ 14,000 CR- Cash $ 2,000, CR- Notes Payable $ 16,000 d) DR-Equipment $ 16,000 CR- Cash $ 2,000, CR-Notes Payable $ 14,000 10. The inventory counterpart is: a) Accumulated inventory b) Cash c) cost of sales (CGS) d) Accounts payable 11. The Team counter account is: a) Book Value b) Accumulated Depreciation c) Cost accounting d) Accounts payable