1. Which of these transactions requires a debit entry to

a. collected balance due from customers

b. paid balance due to suppliers

c. sold merchandise on account

d. purchased supplies for cash

2. What is the impact on the accounting equation when a payment
of account payable is made?

a. both sides decrease

b. both sides increase

c. only the Asset side changes

d.neither side changes

3. That a business may only report activities on financial
statements that are specifically related to company operations, not
those activities that affect the owner personally, is known as
which of the following?

a. separate entity concept

b. monetary measurement concept

c. going concern assumption

d. time period assumption

4. Which set of accounts has the same type of normal

a. Accounts payable, retained earnings

b. Cash, accounts payable

c. Prepaid rent, unearned service revenue

d. Dividends, common stock

5. The step-by-step process to record business activities and
events to keep financial records up to date is ________.

a. accounting cycle

b. day-to-day cycle

c. general ledger

d. journal

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