Quiz 1 Page 1 of 2

Quiz 1

Important: This quiz uses a diminishing multiple choice format. What this means is
that if you miss a question, this evaluation page will explain why the answer you
selected was incorrect. The evaluation has been carefully designed so that it will not
identify the correct answer unless you choose that answer yourself. If you want a
better quiz score, you are expected to return to your lesson, review the material, and
then take the quiz again.

Please understand that it would be very easy for me to just spoon-feed you the
correct answers each time you miss a question. But if I were to do so, then you
would become dependent on me. In the long run, that approach would do more
harm than good.

I want you to leave this class with a solid understanding of this material and the
independence to solve your own problems. This quiz evaluation page has been
specifically engineered to fit my teaching philosophy.

Thank you,

-Your Instructor

Evaluation of your answers:

1. An example of an asset account is

You chose: Supplies/Office.

Correct! Supplies/Office is an asset account. It is something that

has value to it that the business owns.

2. The right side of an account is called the

You chose: Credit side.

Correct! The right side of any account is always the credit side.

3. The left side of an account is called the

You chose: Debit side.

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Quiz 1 Page 2 of 2

Correct! The left side of any account is always the debit side.

4. An example of an account classification is

You chose: Liabilities.

Correct! Liabilities is a classification of accounts. Under this

classification would be account titles representing to whom the
business owes money.

5. The accounting equation is

You chose: Assets = Liabilities + Owner's Equity.

Correct! The total of all assets must equal the total of all liabilities
plus the total of owners' equity. This is the account equation and
must remain in balance after each transaction.

Your score: 100% (out of 100%). Excellent job!

Quiz 1
Date submitted: 5/11/2007

Please print this evaluation for your records.

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