TOPIC 2 BASIC ACCOUNTING CONCEPTS

TOPIC 2 BASIC ACCOUNTING CONCEPTS

7th Grade

10 Qs

quiz-placeholder

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TOPIC 2 BASIC ACCOUNTING CONCEPTS

TOPIC 2 BASIC ACCOUNTING CONCEPTS

Assessment

Quiz

Other

7th Grade

Practice Problem

Medium

Created by

cikgu joyce

Used 151+ times

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10 questions

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1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Liabilities

are future economic benefits.

are existing debts and obligations.

possess service potential.

are things of value used by the business in its operation.

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Owner's equity can be described as

creditorship claim on total assets

ownership claim on total assets

benefactor's claim on total assets.

debtor claim on total assets

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

When an owner withdraws cash or other assets from a business for personal use, these withdrawals are termed

depletions.

consumptions.

drawings.

a credit line.

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Capital is

an owner's permanent investment in the business.

equal to liabilities minus owner's equity.

equal to assets minus owner's equity.

equal to liabilities plus drawings

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Revenues would not result from

sale of merchandise

initial investment of cash by owner.

performance of services.

rental of property.

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Sources of increases to owner's equity are

additional investments by owners.

purchases of merchandise.

withdrawals by the owner.

expenses.

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Owner's equity is decreased by all of the following except

owner's investments.

owner's withdrawals.

expenses.

owner's drawings

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