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7- A small neighborhood barber shop that is operated by its owner would likely be...

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Accounting

7- A small neighborhood barber shop that is operated by its owner would likely be organized as a

a- Partnership

b- Proprietorship

c- Corporation

d- Joint venture

8- If services are rendered for cash, then

a- Assets will increase

b- Liabilities will decrease

c- Stockholders equity will decrease

d- Liabilities will increase.

9- Revenue generally

a- Increases assets and decreases stockholders equity

b- Leaves total assets unchanged

c- Increases assets and liabilities

d- Increases assets and stockholders equity.

10- revenue account

a- Has a normal balance of a debit.

b- Is increased by credits.

c- Is increased by debits.

d- Is decreased by credits.

11- Which accounts normally have debit balances?

a- Assets, liabilities and dividends.

b- Assets, expenses, and revenues.

c- Assets, expenses and retained earnings.

d- Assets, expenses, and dividends.

12- In recording an accounting transaction in a double-entry system

a- The number of debit accounts must equal the number of credit accounts.

b- There must always be entries made on both sides of the accounting equation.

c- There must only be two accounts affected by any transaction.

d- The amount of the debits must equal the amount of the credits.

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