
Accounting Basics Quiz
Authored by Onelisa undefined
Others
1st Grade
Used 1+ times

AI Actions
Add similar questions
Adjust reading levels
Convert to real-world scenario
Translate activity
More...
Content View
Student View
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the key principle behind the accounting equation?
Assets equal Equity plus Liabilities
Assets equal Equity minus Liabilities
Assets equal Liabilities plus Equity
Assets equal Liabilities minus Equity
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the word used to describe the stuff that the Business Owns?
Equity
Expenses
Liabilities
Assets
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is used to describe what the business owes to third parties?
Equity
Assets
Liabilities
Revenue
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is used to describe what the business owes to its owner?
Expenses
Liabilities
Equity
Assets
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a Balance Sheet?
A snapshot of a business's Assets, Liabilities, and Equity
A snapshot of a business's Equity only
A snapshot of a business's Liabilities only
A snapshot of a business's Assets only
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens to the accounting equation when a business makes a profit?
It disappears
It becomes irrelevant
It becomes unbalanced
It remains the same
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the most common form of Equity?
Liabilities Equity
Expenses Equity
Stockholders Equity
Revenue Equity
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
Popular Resources on Wayground
15 questions
Fractions on a Number Line
Quiz
•
3rd Grade
10 questions
Probability Practice
Quiz
•
4th Grade
15 questions
Probability on Number LIne
Quiz
•
4th Grade
20 questions
Equivalent Fractions
Quiz
•
3rd Grade
25 questions
Multiplication Facts
Quiz
•
5th Grade
22 questions
fractions
Quiz
•
3rd Grade
6 questions
Appropriate Chromebook Usage
Lesson
•
7th Grade
10 questions
Greek Bases tele and phon
Quiz
•
6th - 8th Grade
Discover more resources for Others
12 questions
Presidents' Day
Quiz
•
KG - 5th Grade
20 questions
Telling Time to the Hour and Half hour
Quiz
•
1st Grade
10 questions
Exploring Rosa Parks and Black History Month
Interactive video
•
1st - 5th Grade
16 questions
Morning Math Review
Lesson
•
1st - 5th Grade
17 questions
Reading Comprehension
Quiz
•
1st - 4th Grade
16 questions
3D shapes (1st grade)
Quiz
•
1st Grade
20 questions
Place Value
Quiz
•
KG - 3rd Grade
6 questions
President's Day
Lesson
•
1st Grade