Accounting

Accounting

8th - 9th Grade

•

41 Qs

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Accounting

Accounting

Assessment

Quiz

•

Life Skills

•

8th - 9th Grade

•

Medium

Created by

Megan Wilde

Used 40+ times

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41 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Any amounts owed by a business and reported on the balance sheet are referred to as ________________.

assets
liabilities
profit
expenses

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The basic accounting equation is Assets=Liabilities + _______________________.

Income
Owner's Equity
Expenses
Profit

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An increase in owner's equity resulting from the operation of a business

asset
expense
withdrawl
revenue

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Assets increase on the ________ side?

subsidiary

T-account

credit

debit

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

owners equity decreases on the _________ side?

credit

debit

payments

liability

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

assets decreases on the _______ side?

debit

two

credit

sixth

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