1. 1. Which of the following accounts is an owner's equity account?
   1. Cash
   2. Accounts Payable
   3. Prepaid Insurance
   4. Ross Morris, Capital

2. The gross increases in owner'sequity attributable to business activities are called

a. assets

b. liabilities

c. revenues

d. expenses

3. The debit side of an account

a. depends on whether the account isan asset, liability, or owner's equity

b. can be either side of the accountdepending on how the accountant set up the system

c. is the right side of theaccount

d. is the left side of the account

4. Which side of the account increasesthe cash account?

a. credit

b. neither a debit or a credit

c. debit

d. either a debit or a credit

5. A cash payment isrecorded in the cash account as

a. neither a debit or a credit

b. a credit

c. a debit

d. either a debit or a credit

6. A list of theaccounts used by a business is called the

a. journal

b. chart of accounts

c. T chart

d. Trial balance

7. In the chart of accounts, the balance sheetaccounts are normally listed in which order?

a. liabilities, assets, owner’sequity

b. assets, liabilities, owner’sequity

c. owner’s equity, assets, liabilities

d. assets, owner’s equity,liabilities

8. Which group of accountsis comprised of only assets?

a.Cash, Accounts Payable, Buildings

b.Accounts Receivable, Revenue, Cash

c.Prepaid Expenses, Buildings, Patents

      d.Unearned Revenues, Prepaid Expenses, Cash

9.   Expenses can resultfrom

          a. increasing owner’s equity

           b. consuming services

c. using up liabilities

d. purchasing assets

Answer rating: 100% (QA)

The detailed answer for the above question is provided below Question 1 D Ross Morris Capital Ross Morris Capital is an owners equity account This acc... View the full answer