Accounting Quiz

Accounting is the process of keeping financial accounts

• True

• False

A service business provides _____________ goods such as accounting, landscaping, insurance or cleaning services.

• Tangible

• Intangible

• Inventory

• None of the above

Resources owned by a company which have a dollar value are called?

• Liabilities

• Assets

• Equity

• Accounts receivable

Merchandise which is a physical object such as clothing or food is called?

• Intangible goods

• Service business

• Tangible goods

• Merchandiser

Money owed by a company are called?

• Liabilities

• Assets

• Equity

• Accounts receivable

Interest payable, salary payable, and accounts payable are all examples of assets.

• True

• False

Examples of service businesses are accounting firms, dry cleaners, and ?

• Grocery store

• Hair salon

• Car Dealership

• None of the above

Common stock, retained earning, and capital are all stock holder's equity accounts.

• True

• False

Stockholders' Equity is also known as __________?

• Liability

• Owner's Equity

• Assets

• None of the above

Which type of business does not provide physical goods to a customer?

• Hair salon

• Car Dealership

• Grocery store

• None of the above