711. The owner of a business puts money into the business. What is credited?
A. Owner a/c
B. Capital a/c
C. Investment a/c
D. Loan a/c

712. A loan in cash is received from D Michael. What is credited?
A. D Michael a/c
B. Loan a/c
C. Cash a/c
D.D Michael Loan a/c

713. Which of the following is a control account?
A. Capital
B. Prepaid Rent
C. Accounts Receivable
D. Salary Payable

714. What does the abbreviation GAAP stand for?
A. Great Accepted Accounting Principles
B. Great American Accounting Principles
C. Generally Accepted Accounting Principles
D. Generally American Accounting Principles

715. Which accounting principle states that the same amount of time must be used for each accounting period?
A. Accounting Period Principle
B. Time Period Principle
C. Written Period Principle
D. Bookkeeping Period Principle

716. What is the cash basis of accounting?
A. When cash comes in, something else must go out.
B. Cash is always the most liquid asset.
C. Revenue and expenses are recognized as cash comes in or goes out.
D. All assets must be recorded by how much cash they’re worth at that very moment.

717. This can be written either in an account form or a report form.
A. Income Statement
B. Balance Sheet
C. Trial Balance
D. Journal Entry

718. Which of the following is not considered a financial statement?
A. These Are All Financial Statements
B. Balance Sheet
C. Trial Balance
D. Income Statement

719. What is the amount earned from the sale of goods and services called?
A. Growth
B. Revenue
C. Credit
D. Profit

720. What is it called when your expenses are greater than your revenues on an income statement?
A. Debt
B. Net Loss
C. Loss
D. Minor Loss

NOTE
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