CH. 1 THE ACCOUNTING EQUATION

CH. 1 THE ACCOUNTING EQUATION

9th - 12th Grade

21 Qs

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CH. 1 THE ACCOUNTING EQUATION

CH. 1 THE ACCOUNTING EQUATION

Assessment

Quiz

Business

9th - 12th Grade

Practice Problem

Medium

Created by

Taryn Lang

Used 6+ times

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21 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

T/F: Payments for advertising, equipment repairs, utilities and rent are liabilities.

True

False

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

T/F: When an owner withdraws cash from the business, the transaction affects both assets and owner's equity.

True

False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

T/F: A negative amount of net worth would reflect more debt than assets, something a creditor would favor.

True

False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Anything you own in your company:

Asset

Liability

Owner's Equity

Capital

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The two important financial statements are:

Income Statement and Net Worth Statement

Balance Sheet and Accounting Equation

Income Statement and Balance Sheet

Income Statement and Worksheet

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

T/F: The most common type of withdrawal by an owner from a business is a withdrawal of cash.

True

False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

After each transaction the accounting equation must remain balanced.

True

False

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