Accounting 1 Flashcards
1
Q
In the United States, recording business transactions in dollars is an application of the accounting concept _________
A
Unit Of Measurement
2
Q
If cash is increased by 2000, when the owner invests cash in the business, then capital is ________
A
Increased by 2000
3
Q
Prepaid Insurance is _______
A
An asset account
4
Q
Total Assets are $22,000. Supplies are bought on account for $1,500. The Total Assets are now ______
A
$23,500
5
Q
A
