
Accounting Pre-Test
Flashcard
•
Business
•
9th - 12th Grade
•
Practice Problem
•
Hard
Wayground Content
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25 questions
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1.
FLASHCARD QUESTION
Front
What is the accounting equation?
Back
Assets = Liabilities + Owner's Equity
2.
FLASHCARD QUESTION
Front
Something that a business owns
Back
Asset
3.
FLASHCARD QUESTION
Front
This financial report records the Revenue, Cost of Goods Sold and Expenses of a business.
Back
Income Statement
4.
FLASHCARD QUESTION
Front
Which account is classified as an asset? Options: Notes Payable, Cash, Expenses, Revenue
Back
Cash
5.
FLASHCARD QUESTION
Front
Something that a business owes
Back
Liability
6.
FLASHCARD QUESTION
Front
This financial report shows the financial condition of the business.
Back
Balance Sheet
7.
FLASHCARD QUESTION
Front
An owner's initial investment would be categorized as a(n)
Back
Owner's Equity
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