Accounting Quiz: 3rd-5th

_______________________ is the system or practice of recording the amounts of money made and spent by a person or business

• Business

• Liabilities

• Accounting

_____________ is all the property of a person, corporation, or estate that may be used in payment of debts

• Social Studies

• Liabilities

• Quantitative Information

• Assets

Cash is a ___________

• Asset

• Liabilities

• Owner's Equity

Taxes is a __________

• Asset

• Liabilities

• Owner's Equity

Stock is __________

• Asset

• Liabilities

• Owner's Equity

___________ is something owed to another : a thing or amount due

• Asset

• Liabilities

• Owner's Equity

______________ is a financial statement that reports a company's assets, liabilities, and shareholder equity

• Accountant

• Balance Sheet

• Financial Information

On the balance sheet, how much does the company have in Total Assets?

• $472,100

• $24,300

• $30,000

On the balance sheet, how much does the company have in common stock?

• $10,000

• $250,000

• $4,000

On the balance sheet, how much does the company have in total liabilities?

• $247,000

• $250,000

• $50,000