
Accounting Basics
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Other
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Professional Development
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Practice Problem
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Hard
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7 questions
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1.
FLASHCARD QUESTION
Front
Which of the following is an example of a liability? Cash in the business's bank account, Outstanding debt to suppliers, Equipment owned by the business, Revenue earned from sales
Back
Outstanding debt to suppliers
2.
FLASHCARD QUESTION
Front
According to the monetary unit assumption, you:
Back
Keep the value of the pins at $0.20 each
3.
FLASHCARD QUESTION
Front
Accounts receivable would be an example of what kind of account?
Back
An asset account.
4.
FLASHCARD QUESTION
Front
The owner’s stake in the business is defined as:
Back
Equity
5.
FLASHCARD QUESTION
Front
The plant nursery opens a line of credit at a wholesale specialty nursery and uses it to purchase $600 in inventory, how do you categorize the $600 borrowed from the wholesale store?
Back
Liability
6.
FLASHCARD QUESTION
Front
If the plant nursery purchases increase liabilities by $600, what also needs to happen for the accounting equation to be in balance?
Back
Add $600 to assets
7.
FLASHCARD QUESTION
Front
What is the effect on the plant nursery's accounting equation?
Back
The assets and liabilities of the accounting equation both increase by $150,000.
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