Assets, Liabilities, Owners Equity

Assets, Liabilities, Owners Equity

9th - 12th Grade

9 Qs

quiz-placeholder

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Assets, Liabilities, Owners Equity

Assets, Liabilities, Owners Equity

Assessment

Quiz

Other

9th - 12th Grade

Easy

Created by

Rene Sherwood

Used 79+ times

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9 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A building is a short term asset

True

False

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Employee salaries are considered operating expenses

True

False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A building is considered

capital

inventory

operating

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

salaries are considered

capital

inventory

operating

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Accounting is the process of analyzing, classifying, recording, summarizing, and interpreting business transactions.

True

False

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Finance is the field that studies how people make decisions regarding the allocation of resources over time and handling of risk

True

False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An accounting system is a planned process for providing financial information that will be useful to management

True

False

8.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The accounting equation is as follows

Assets = Liabilities + Owners Equity

Assets=Liabilities - Owners Equity

Liabilities = Assets + Owners Equity

9.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Revenue are the costs related to earning revenue (or the costs of doing business)

True

False