Exploring Business Activities Final Exam

A person who checks the employees' records for the accuracy

• auditor

• bookkeeper

• trainee

• tax accountant

what is meant by deficit?

• gain 
• profit
• income
• loss

Planning, recording, analyzing, and interpreting financial information

• accounting
• ethics
• transaction
• revenue

Amounts owed by the business is a liability

• True

• False

The basic accounting equation is Assets=Liabilities + _______________________.

• Income
• Owner's Equity
• Expenses
• Profit

Anything of value that is owned by the company (such as cash, accounts receivables, vehicles, etc.) are reported on the balance sheet and are referred to as _______________.

• assets
• liabilities
• profit
• income

What is 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

What are the total Assets? If liabilities are 17,000 and Owner's equity is 55,000?

• 67,000

• 72,000

• 38,000

• 7200

What is the total liabilities if assets are 19,000 and owner's equity is 13,000?

• 3,000

• 6,000

• 32,000

• 5,000

Assets = Liabilities + Owner's Equity
Assets - 100,000
Liabilities- 25,000
Owner's Equity- ?

• 125,000
• 75,000
• 25,000
• 100,000