
ACCT 1.01 Quiz 1
Authored by Kimberly Monroe
Life Skills
9th - 12th Grade
Used 2+ times

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8 questions
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1.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Which of the following represents the accounting equation?
L= OE + A
A = L + OE
OE = L + A
None of the above
2.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Which type of account is Prepaid Insurance and Supplies classified as?
Liability
Revenue
Asset
Expense
3.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
An asset is anything owned that can be exchanged for cash.
True
False
4.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
A liability is an amount owed that you can pay later.
True
False
5.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
The amount remaining after the value of all liabilities is subtracted from the value of all assets is called?
Assets
Owner's Equity
Normal Balance
Liabilities
6.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
The total amounts on the left side must always equal the total amounts on the right side.
True
False
7.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
The value of things owned (assets) are on the "right" side of the accounting equation.
True
False
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