Accounting Basics

Accounting Basics

University

15 Qs

quiz-placeholder

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Accounting Basics

Accounting Basics

Assessment

Quiz

Other

University

Practice Problem

Hard

Created by

Jessica Pontus

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15 questions

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1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The financial statement that reports the revenues and expenses for a period of time such as a year or a month is the:

Balance Sheet
Income Statement
Statement of Cash Flows
None of These

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Resources owned by a company (such as cash, accounts receivable, vehicles) are reported on the balance sheet and are referred to as __________.

Assets
Liabilities
Owner Equity
Equity

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Obligations (amounts owed) are reported on the balance sheet and are referred to as __________.

Assets
Liabilities
Debt
Owner Equity

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Revenues minus expenses equals:

Assets
Liabilities
Owner Equity
Net Income

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The accounting equation is

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

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Accrual concept is based on :

matching principle
dual aspect principle
cost principle
going concern concept

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

which category does depreciation fall under in the accounting equation?

assets

owners equity

liability

expense

imputed expense

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