Accounting quiz

Every transaction affects at least 2 (a)  

Classify the following account:

Supplies

• Income

• Expenses

• Assets

• Liabilities

Complete the accounting equation:

Assets + (a)   = Liabilities + Income + Equity

Which accounting element relates to this transaction?

Hannah's Handbags paid interest to the bank of $120

• Equity

• Expenses

• Income

• Liabilities

Classify the following account:

Drawings

• Income

• Assets

• Expenses

• Equity

Which accounting element relates to this transaction?

Hannah contributed equipment of $1,000 and cash of $1,500 to Hannah's Handbags.

• Income

• Liabilities

• Equity

• Assets

Total Income - Total Expenses = (a)  

Which accounting element relates to this transaction?

Hannah's Handbags received a loan from the bank for $4,000.

• Liabilities

• Income

• Expenses

• Equity

Assets - (a)   = Equity

True or false? Drawings decreases equity

• True

• False