Accounting

Quiz 2

Fundamentals of Accountancy, Business and Management 1

Multiple Choice

Which of the following is under ASSETS?

• inventories

• accounts receivable

• prepaid rent

• all of the above

Multiple Choice

Which of the following cases can be the accounting equation be rewritten?

• Assets + Liabilities = Equity

• Assets - Liabilities = Equity

• Equity - Assets = Liabilities

• Equity + Assets = Liabilities

Multiple Choice

Mortgage payable is under what category of liabilities?

• current liabilities

• non-current liabilities

Multiple Choice

Which of the following is a contra-asset account?

• allowance for bad debts

• unearned income

• accrued liability

• prepaid expense

Fill in the Blanks

If your asset is worth 520,000 and your liability is 300,000, how much is your owner's equity?

Multiple Choice

What financial statement covers the asset, liabilities, and owner's equity?

• Income Statement

• Balance Sheet

• Statement of Cash Flows

• Statement of changes in Owner's Equity

Fill in the Blanks

If your liability is 345,000 and your capital is 500,000. How much is your total assets?

Multiple Choice

Which of the following is under LIABILLITIES?

• Accounts receivable

• Marketable securities

• Drawings

• Unearned revenues

Multiple Select

Check the box of all CURRENT ASSETS. (You can answer more than 2 of the choices)

• inventories

• supplies

• equipment

• cash

• land