For multiple-choice and true/false questions, simply press or click on what you think is the correct answer. For fill-in-the-blank questions, press or click on the blank space provided.
If you have difficulty answering the following questions, learn more about this topic by reading our Accounting Equation (Explanation).
For each of the transactions in items 2 through 13, indicate the two (or more) effects on the accounting equation of the business or company.
Information for Items 10 through 13
Company X provides consulting services to Client Q in May. Company X bills Client Q in May for the agreed upon amount of $5,000. The sales invoice shows that the amount will be due in June.
Expenses
Owner's Draws
Revenue
Net Income
Net Loss
Revenue
Only One
Only Two
Two Or More
Want more practice questions?
Receive instant access to our graded Quick
Tests (more than 1,800 unique test questions) when you join
AccountingCoach PRO.
Featured Review
"AccountingCoach is one of the BEST tools to learn (and to refresh) my accounting knowledge. I have a degree in Accounting, and have worked in the field for many years before staying home to raise our children. After they got older, I wanted to get back into the field, but felt my skills were lacking/rusty. AccountingCoach PRO was exactly what I needed to refresh my skills and test my knowledge. All the topics are covered, so if you need more practice in a certain area, it's easy to focus on that. And if you think you are strong in an area, you can jump to the test to find out the truth (whether good and bad). It's a great value for so much material! Love it." - Ellen
Join PRO or PRO Plus and Get Lifetime Access to Our Premium Materials
Read all 2,645 reviewsWe now offer 10 Certificates of Achievement for Introductory Accounting and Bookkeeping: