Public accountants are normally

a. Certified Public Accountants

b. Forensic accountants

c. Certified Internal Auditors

d. Certified Management Accountants

The initials GAAP stand for

a. General Accounting Procedures

b. Generally Accepted Plans

c. Generally Accepted Accounting Principles

d. Generally Accepted Accounting Practices

Owned resources of a business are referred to as

a. assets

b. liabilities

c. equities

d. revenues

Debts owed by a business are referred to as

a. accounts receivables

b. equities

c. owners equity

d. liabilities

The accounting equation may be expressed as

a. Assets = Equities - Liabilities

b. Assets + Liabilities = Owner's Equity

c. Assets = Revenues less Liabilities

d. Assets - Liabilities = Owner's Equity

Which of the following is not a business transaction?

a. make a sales offer

b. sell goods for cash

c. receive cash for services to be rendered later

d. pay for supplies

If total liabilities decreased by $25,000 during a period of time and owner's equity increased by $30,000 during the same period, the amount and direction (increase or decrease) of the period's change in total assets is

a. $65,000 increase

b. $5,000 decrease

c. $5,000 increase

d. $65,000 decrease

A business paid $9,000 to a creditor in payment of an amount owed. The effect of the transaction on the accounting equation was to

a. increase one asset, decrease another asset

b. increase an asset, increase a liability

c. decrease an asset, decrease a liability

d. increase an asset, increase owner's equity

Earning revenue

a. increases assets, increases owners equity.

b. increases assets, decreases owner's equity

c. increases one asset, decreases another asset

d. decreases assets, increases liabilities

The monetary value charged to customers for the performance of services sold is called a(n)

a. asset

b. net income

c. capital

d. revenue

The asset created by a business when it makes a sale on account is termed

a. accounts payable

b. prepaid expense

c. unearned revenue

d. accounts receivable

Owner's withdrawals

a. increase expenses

b. decrease expenses

c. increase cash

d. decrease owner's equity