Accounting Basics

Accounting Basics

9th - 12th Grade

30 Qs

quiz-placeholder

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Accounting Basics

Accounting Basics

Assessment

Quiz

Business

9th - 12th Grade

Medium

Created by

Kim Goff

Used 1+ times

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30 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The overall purpose of accounting is to

maintain accurate reports.

compile the business’s expenses.

keep track of sales.

control the finances of the business.

2.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

What are the two elements of income statement?

income/revenue

Expenses

Liabilities

Owner's Equity

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Which of the following is considered an asset?

Bank Loan
Mortgage
Debit Card
Savings account

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is considered a liability?

Savings Account
Mortgage
Savings bond
Coin Collection

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The financial statement that reports the revenues and expenses for a period of time such as a year or a month is the:

Balance Sheet
Income Statement
Statement of Cash Flows
None of These

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The financial statement that reports the assets, liabilities, and stockholders' (owner's) equity at a specific date is the:

Balance Sheet
Income Statement
Statement of Cash Flows
Cash Statement

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Accounting entries involve a minimum of how many accounts?

One
Two
Three
Four

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