Accounting

Assets are:

• Amounts owed by the business

• Items owned by the business

• Owners investment in the business

• none of the above

Which of the following is an example of an asset?

• Accounts payable

• Mortgage

• Sales

• Accounts Receivable

Liabilities are:

• Amounts owed by the business

• Items owned by the business

• Goods purchased for resale

• Owners investment in the business

Which of the following is an example of a liability?

• Accounts receivable

• Rent

• Mortgage

• Equity

Which of the following is the correct definition of Equity?

• Assets owned by the owner

• The value of the business

• The owners investment in the business

• None of the above

Which of the following is another word for equity?

• Ownership

• Assets

• Net Worth

• Capital

Which of the following would be an example of inventory for a music store?

• Shop equipment

• Cash in the business bank account

• Guitars

• Baked Beans

The Accounting Equation is

• A = L+ E

• L = A -E

• E = A - L

• All of the other answers are correct

Which of the following is an example of an expense for a business?

• Accounts payable

• Wages of staff

• Mortgage

• Capital

What is the best subject in the school?

• Business Technology

• English

• PE

• Social Studies