Accounting - Beginning Level

Front

Furniture is regarded as

Back

Asset

Front

Owners equity has two accounts

Back

True

Front

The Accounting Equation must always be in balance?

Back

True

Front

When buying supplies on account an asset and liability account would be used.

Back

True

Front

For accounting purposes, the owner's personal finances are separate and distinct from the business.

Back

True

Front

What two categories of accounts are used when the owner invests in the business? Options: Asset and Equity, Equity and Liability, Asset and Expense

Back

Asset and Equity

Front

What category of account would be credited when the business receives cash on account? Options: Asset, Liability, Equity

Back

Asset

Front

If the business pays cash on account, the credit account would be

Back

Asset and decreased

Front

Assets
Options: Anything owed by the company, Anything owned of value by the company

Back

Anything owned of value by the company

Front

Money spent by the business to stay up and running

Back

Expense