ACCT212 Week 2 Quiz Latest
Question 1
(TCO 2) The debt created by a business when it makes a purchase on account is a(n)
revenue.
prepaid expense.
account receivable.
account payable.
Question 2
(TCO 2) A company performed services for a customer for cash. This transaction increased
assets and
decreased equity.
increased liabilities.
increased expenses.
increased revenues.
Question 3
(TCO 2) A company performs services for a client on account. When the company receives the
cash from the customer 1 month later
a revenue account is increased.
a liability account is decreased.
an asset account is increased.
an expense account is decreased.
Question 1
(TCO 2) The debt created by a business when it makes a purchase on account is a(n)
revenue.
prepaid expense.
account receivable.
account payable.
Question 2
(TCO 2) A company performed services for a customer for cash. This transaction increased
assets and
decreased equity.
increased liabilities.
increased expenses.
increased revenues.
Question 3
(TCO 2) A company performs services for a client on account. When the company receives the
cash from the customer 1 month later
a revenue account is increased.
a liability account is decreased.
an asset account is increased.
an expense account is decreased.
