6.Dual effect of a transaction which is also called Double entry bookkeeping. Single choice.

(1 Point)

Venetian model

accounting equation

equity of accounts

accounting model

7.Unearned Rent Revenue is. Single choice.

(1 Point)

Current Assets

Current Liabilities

Income

Expenses

8.Increase in assets may be a result of. Single choice.

(1 Point)

a decrease in another asset

an increase in liability

an increase in equity

all of those

9.Investment made by the owner will. Single choice.

(1 Point)

increase both assets and liabilities

decrease both assets and liabilities

increase both assets and owner's equity

decrease both assets and owner's equity

10.The statement of financial position contains the following items EXCEPT. Single choice.

(1 Point)

current assets and non current assets

revenues and expenses

current liabilities and long term liabilities

owner's equity

12.The right side of an account is referred to as. Single choice.

(1 Point)

debit

credit

balance

footing

13.The payment of cash to the bank for money borrowed by the business will. Single choice.

(1 Point)

decrease assets and liabilities

decrease assets and owner's equity

increases assets and liabilities

increases assets and owner's equity

14.Factory insurance paid in advance is an example of. Single choice.

(1 Point)

Prepaid expenses

Accrued expenses

Accrued liabilities

Equity

15.The following accounts are likely to be debited ONLY EXCEPT. Single choice.

(1 Point)

owner's drawing

rent expenses

supplies

taxes and licenses