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ACC250 Grand Canyon Liabilities and Revenues Group Accounts Quiz

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Accounting
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Grand Canyon University
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Practice Quiz 1 Accounting 220 1. Which one of the following account groups will decrease with a debit? Answer: Liabilities and revenues 2. The owner withdrew cash from the business. Which of the following accounts is credited? Answer: Cash 3. The following are the current Month’s balances for Jackson Company. Calculate the total amount of credits for the trial balance Accounts Payable $8,000 Revenue $12,000 Cash $4,000 Expenses $1,600 Furniture $12,000 Accounts Receivable $14,000 B. Jackson, Capital $9,250 Notes Payable $4,500 Answer: I answered 33,750 but idk YAY I was right 4. The income statement presents a summary of an entity's revenues and expenses for a period of time. Which of the following statements is true of an income statement? Answer: There is net income when total revenues are greater than total expenses 5. Which of the following financial statements is used to analyze the economic resources, debt, and overall financial position of a company? Answer: Balance Sheet 6. A business renders services for $26,000 and collects cash from the customer. Which of the following accounts will be debited? Answer: Cash 7. The equity of Autumn Company is $130,000 and the total liabilities are $40,000. The total assets are ________. Answer: $170,000 Assets = liabilities + equity 8. Which of the following is used by both internal and external users? Answer: Balance Sheet 9. When a business collects cash, the cash account is debited? Answer: True 10. Which of the following is a ...
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