Accounting 1-1 Quiz

Accounting is the same as bookkeeping.

• True

• False

Accounting is used to make informed business decisions.

• True

• False

Anything that is owed

• Asset

• Liability

• Owner's Equity

Anything of value that is owned

• Asset

• Liability

• Owner's Equity

The difference between assets and liabilities

• Asset

• Liability

• Equity

Which formula is used to determing an individual's net worth (equity)

• Assets-Liabilities

• Assets + Liabilities

• Assets x Liabilities

A piece of jewelry is an

• Asset

• Liability

A credit card with a $100 balance is a

• Asset

• Liability

My car loan is a

• Asset

• Liability

The money in my checking account is a

• Asset

• Liability