Accounting Quiz

Accounts Payable is a liability.

• True
• False

Assets represent what is owned by the business.

• True
• False

This is an example of an asset

• cash
• accounts payable
• power bill

The accounting equation is

• Assets = Liabilities + Owner's Equity
• Assets = Liabilities - Owner's Equity
• Assets - Owner's Equity + Liability

What are assets? 

• Cash in the business
• Anything that a creditor has financial claim to 
• What remains after liabilities are paid 
• any item or property owned by the business

This type of record tracks actual money coming in and going out of the business.

• Tax Records
• Inventory Records
• Cash Records
• Payroll Records

This type of record tracks regular compensation of employees.

• Tax Records
• Inventory Records
• Cash Records
• Payroll Records

This type of record tracks how much certain assets have decreased in value.

• Tax Records
• Inventory Records
• Cash Records
• Depreciation Records

This type of record tracks how much we need to pay the different government entities.

• Tax Records
• Inventory Records
• Cash Records
• Depreciation Records

This type of record tracks how much product we currently have on hand and available for sale.

• Tax Records
• Inventory Records
• Cash Records
• Depreciation Records