Corporation

Corporation

University

10 Qs

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Corporation

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Assessment

Quiz

Business

University

Medium

Created by

Tessa Vanina

Used 16+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which equation is correct ?

Assets+Liabilities=Equity

Assets=Liabilities+Equity

Assets+Equity=Liabilities

Assets+Liabilities=Capital

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is normal balance of Account Receivable ?

Debit

Credit

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Journal entries for : Paid monthly rent

Dr. Cash

Cr. Rent Expense

Dr. Prepaid Rent

Cr. Rent Expense

Dr. Rent Expense

Cr. Cash

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Purchase Land for $32,000 on account

Dr. Land

Cr. Accounts Payable

Dr. Land

Cr. Cash

Dr. Land

Cr. Accounts Receivable

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the normal balance of Sales ?

Debit

Credit

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Sales minus Cost of Good Sold equal with

Net Income

Gross Margin

Operating Income

Net Loss

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which one is the most liquid assets ?

Account Receivable

Machinery

Inventories

Land

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