BOOKKEEPING 9

Which of the following refers to the exchange of goods and services?

• Accounting Equation

• Equity of owners

• Business Transactions

• Equity of creditors

Which of the following refers to owner’s investment in the business?

• Accounting Equation

• Equity of owners

• Business Transactions

• Equity of creditors

Which of the following refers to those from whom the business owes money?

• Accounting Equation

• Equity of owners

• Business Transactions

• Equity of creditors

Which of the following is the correct equation form?

• Assets = Debit - Credit

• Assets = Debit + Credit      

• Assets = Liabilities + Owner’s Equity

• Assets = Liabilities - Owner’s Equity

   

It refers to the structure occupied by the business.

• Cash

• Land

• Buliding

• Accounts Receivable

This is the ground area used in the operation of the business.

• Cash

• Land

• Buliding

• Accounts Receivable

These are the amounts or claims from clients/customers resulting from service rendered   by the company.

• Cash

• Land

• Accounts Payable

• Accounts Receivable

It is the currency on hand and money in banks under the name of the company.

• Cash

• Land

• Buliding

• Accounts Receivable

These are the amounts owed to creditors for  purchase of goods or for services received.

• Cash

• Land

• Accounts Payable

• Accounts Receivable

Malls

• Service

• Merchandising

• Manufacturing