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ACCOUNTING I---2024 SPRING SEMESTER TEST

Authored by Lagina Ridenour

Business

11th Grade

Used 15+ times

ACCOUNTING I---2024 SPRING SEMESTER TEST
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25 questions

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1.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

Furniture is regarded as

Owner's Equity

Asset

Liability

Current Liability

2.

MULTIPLE CHOICE QUESTION

5 sec • 1 pt

Owners equity just refer to the Capital of the owner

True

False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The Accounting Equation must always be in balance? 

True
False

4.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

Purchases from a supplier on credit is a liability.

True
False

5.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

Assets 

Anything owed by the company
Anything owned of value by the company

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Supplies purchased on account that will be paid for at a later date is a liability.

True
False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The owner's worth after assets are used to pay all liabilities is the definition of

Owner's Equity
Liabilities
Assets

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