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

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

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