1. Accounting and bookkeeping are basically the same thing a. True b. False 2. Temporary accounts are found primaily on which of the fol a. Balance Sheet b. Statement of Owners Equity c. Income Statement d. Statement of Cash Flow 3. A debit entry will reduce which of the following accounts? a. Cash b. Owner's Capital c. Equipment d. Accounts Receivable 4. A credit entry will increase which of the following accounts? a. Cash b. Accounts Payable c. Accounts Receivable d. Equipment Which of the following is a correct expression of the accounting equation? 5. a. A=L+OE b. A-L OE d. All of the above 6. Which account represents the major difference between accounting for a service comp and a merchandizing company? a. Accounts Receivable b. Accounts Payable c. Cash d. Merchandise inventory 7. The cost of long-term fixed assets such as buildings and equipment are: a. Expensed initially b. Expensed in 1 year c. Expensed in 2 years d. Depreciated over a determined amount of years. Which of the following accounts would generally require an adjustment at the end of accounting period? 8. a. Unearned Revenue b. Equipment C. Owner's Equity d. Cash 9. The Balance Sheet reporis account balances for which time period? a. A year b. 6 months c. Amonth d. At the close of business for that day 10. The difference between sales and cost of goods sold determines a. Gross pay b. Net profit. c. Gross margin. d. Cash