19. What type of balance do asset accounts have?

A. Contra
B. Credit
C. Debit
D. None of the above

20. The account which increases equity is known as:

A. Debit Account
B. Credit Account
C. Revenue
D. Treasury Stock

21. When are balance sheets prepared?

A. Quarterly
B. Yearly
C. Monthly
D. None of the above

22. Recording financial transactions is part of:

A. Accounting
B. Bookkeeping
C. Data Entry
D. Journal

23. Capital + Liabilities = ?

A. Revenue
B. Assets
C. Equity
D. Cash

24. Owner's claim on total assets is:

A. Liability
B. Assets
C. Equity
D. Voucher

25. What occurs when expenses are greater than income?

A. Net Loss
B. Net Profit

26. When does the capital of a company increase?

A. Drawings Decrease
B. Liabilities Decrease
C. Revenue Increases
D. Interest on Capital Increases

27. Revenue - Expenses = ?

A. Net Income
B. Net Loss

28. What causes the decrease in Assets?

A. Cash Purchases
B. Liabilities
C. Depreciation
D. Payment of Expenses

29. Assets - Liabilities = ?

A. Income
B. Gains
C. Earnings
D. Capital

30. How many accounts are affected by a business transaction?

A. One
B. Two
C. Three
D. Several

Asset accounts have a debit balance. Debits increase asset accounts, while credits decrease them.
Equity accounts increase equity; hence, they are known as credit accounts.
Balance sheets are prepared yearly to show the financial position of a company.
Recording financial transactions is part of accounting.
Owner's claim on total assets is equity.
When expenses exceed income, it results in a net loss.
The capital of a company increases when assets increase.
Decrease in assets is caused by liabilities.
A business transaction affects two accounts.

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