Accounting Pre-Test

Front

What is the accounting equation?

Back

Assets = Liabilities + Owner's Equity

Front

Something that a business owns

Back

Asset

Front

This financial report records the Revenue, Cost of Goods Sold and Expenses of a business.

Back

Income Statement

Front

Which account is classified as an asset? Options: Notes Payable, Cash, Expenses, Revenue

Back

Cash

Front

Something that a business owes

Back

Liability

Front

This financial report shows the financial condition of the business.

Back

Balance Sheet

Front

An owner's initial investment would be categorized as a(n)

Back

Owner's Equity

Front

I receive a loan from a commercial bank, this would be considered a(n)

Back

Liability

Front

Accounting is the __________________ of business.

Back

language

Front

Accounts Payable or Notes Payable is classified as what type of account? Options: Asset, Liability, Owner's Equity

Back

Liability