Classifying accounting items

Classifying accounting items

11th Grade

15 Qs

quiz-placeholder

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Classifying accounting items

Classifying accounting items

Assessment

Quiz

Business

11th Grade

Practice Problem

Hard

Created by

Alyaa Alyaa

Used 19+ times

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

"Prepaid rent" is classified as

Liability

Revenue

Expense

Assets

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

"Note Payable" is classified as

Liability

Asset

Owners Equity

Revenue

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

"Fees Earned" is classified as

Assets

liability

Revenues

Expenses

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

All the following are example of expenses except

Drawing

Salaries

Telephone bills

Office rent Expense

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

"Supplies" is classified as

Owners Equity

Assets

Liability

Revenues

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

"Investment, Revenues, Drawings and Expenses has direct effect on Owners equity." This statement is

True

False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If Jenan has creditors account BD8000 and she paid BD2000. Then liabilities balance will equal

BD8,000

BD10,000

BD6,000

BD2000

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