Accounting Chapter 1
Quiz
•
Business
•
12th Grade
•
Practice Problem
•
Medium
Steven Ramel
Used 24+ times
FREE Resource
Enhance your content in a minute
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

Continue with Google

Continue with Email

Continue with Classlink

Continue with Clever
or continue with

Microsoft
%20(1).png)
Apple
Others
Already have an account?
Similar Resources on Wayground
15 questions
Applied Economics Lesson 2
Quiz
•
12th Grade
10 questions
Sources of Finance
Quiz
•
11th Grade - Professi...
10 questions
FABM 1
Quiz
•
12th Grade
18 questions
Debt Vocabulary
Quiz
•
10th - 12th Grade
15 questions
Chap 8 - Vocab Test
Quiz
•
10th - 12th Grade
10 questions
HSE Corporate Governance Quiz 3 I
Quiz
•
12th Grade
13 questions
Banking
Quiz
•
10th - 12th Grade
10 questions
Penilaian Pengetahuan Komputer Akuntansi XII - 1
Quiz
•
11th - 12th Grade
Popular Resources on Wayground
8 questions
2 Step Word Problems
Quiz
•
KG - University
20 questions
Comparing Fractions
Quiz
•
4th Grade
15 questions
Fractions on a Number Line
Quiz
•
3rd Grade
20 questions
Equivalent Fractions
Quiz
•
3rd Grade
25 questions
Multiplication Facts
Quiz
•
5th Grade
10 questions
Latin Bases claus(clois,clos, clud, clus) and ped
Quiz
•
6th - 8th Grade
22 questions
fractions
Quiz
•
3rd Grade
7 questions
The Story of Books
Quiz
•
6th - 8th Grade
