Accounting Chapter 1

Accounting Chapter 1

12th Grade

14 Qs

quiz-placeholder

Similar activities

Learn more in SFP

Learn more in SFP

12th Grade

10 Qs

The role of Marketing

The role of Marketing

12th Grade

15 Qs

Business Finance Reviewer

Business Finance Reviewer

12th Grade

15 Qs

3.4 Final Accounts

3.4 Final Accounts

11th - 12th Grade

15 Qs

ENTRE

ENTRE

1st Grade - University

10 Qs

11ACC internal control quiz #2

11ACC internal control quiz #2

11th - 12th Grade

10 Qs

Finance Quiz 1

Finance Quiz 1

12th Grade

10 Qs

Unit 3 LOF

Unit 3 LOF

12th Grade

15 Qs

Accounting Chapter 1

Accounting Chapter 1

Assessment

Quiz

Business

12th Grade

Practice Problem

Medium

Created by

Steven Ramel

Used 24+ times

FREE Resource

AI

Enhance your content in a minute

Add similar questions
Adjust reading levels
Convert to real-world scenario
Translate activity
More...

14 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Which of these is the Accounting Equation?

Liabilities = Owner's Equity + Assets

Assets = Liabilities + Owner's Equity

Liabilities = Owner's Equity - Assets

Assets = Liabilities - Owners Equity

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Which of these groupings are considered assets?

Cash & Accounts Payable

Supplies & Accounts Payable

Cash & Supplies

Prepaid Insurance & Accounts Payable

3.

FILL IN THE BLANK QUESTION

20 sec • 1 pt

True or False: What you must do to one side of the equation you have to do to the opposite side?

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

A business owned by one person is called a..........

Sole Proprietorship

Franchise

LLC (limited Liability Corporation)

Corporation

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What does the phrase ON ACCOUNT refer to?

You have inventory of whatever it is you bought

You paid off your account

You paid CASH and it's in your account

You have charged something that needs to be paid back

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

How can a transaction affect only one side of the accounting equation?

It will never affect one side....it has to involve both sides

You have a transaction that involves an asset and a liability

You have a transaction that involves two assets

You have a transaction that involves an asset and Owner's Equity

7.

FILL IN THE BLANK QUESTION

20 sec • 1 pt

True or False: The name give to an account is called a transaction

Access all questions and much more by creating a free account

Create resources

Host any resource

Get auto-graded reports

Google

Continue with Google

Email

Continue with Email

Classlink

Continue with Classlink

Clever

Continue with Clever

or continue with

Microsoft

Microsoft

Apple

Apple

Others

Others

Already have an account?