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What Are Accounts? - Definition and Use to Categorize Transactions

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

A place to record transactions that occur within a business is called a(n) _____.

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1. The account category that shows what a company owns is called _____.

2. In which account is equity that comes from the sale of stocks or bonds categorized?

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About This Quiz & Worksheet

These assessments are designed to help you gain a conceptual understanding of accounts and what categories they are classified into for accounting purposes. Key topics to remember for the quiz include what the double entry accounting system is and where to record business transactions.

Quiz & Worksheet Goals

In this quiz and worksheet combo, you will be quizzed on these concepts:

  • The account category that indicates what the company owns
  • Which category shows company debt
  • What account indicates owner investments

Skills Practiced

While using these tools, you will also be able to practice these skills:

  • Reading comprehension - ensure that you draw the most important information from the related lesson on characteristics of accounts in accounting
  • Information recall - access the knowledge you've gained regarding the double entry accounting system
  • Distinguishing differences - compare and contrast topics from the lesson, such as the different types of accounts

Additional Learning

Learn more about account categories by reviewing the related lesson, What Are Accounts? - Definition and Use to Categorize Transactions. This lesson covers the following objectives:

  • Understand the concept of an account
  • Learn about the different categories for accounts
  • Identify which accounts fit into each account category
  • Know how transactions affect accounts
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