Accounting Equation

Accounting Equation

10th - 12th Grade

8 Qs

quiz-placeholder

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Accounting Equation

Accounting Equation

Assessment

Quiz

Other

10th - 12th Grade

Practice Problem

Easy

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8 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

The Accounting Equation must always be in balance? 

True
False

2.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

Assets 

Anything owed by the company
Anything owned of value by the company

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Supplies purchased on account that will be paid for at a later date is a liability.

True
False

4.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

The owner's worth after assets are used to pay all liabilities is the definition of

Owner's Equity
Liabilities
Assets

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Always keep business and personal records separate?

True
False

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Cash received means Cash is:

Decreased
Increased

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Paid Cash means cash has:

Decreased
Increased

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