Accounting Quiz

Which of the following is an example of a current asset?

• Cash

• Building/Real Estate

• Office Furniture

• Company Cars

What is the term for money owed by a business?

• Assets

• Revenue

• Liabilities

• Equity

Which of the following is NOT a liability?

• Taxes Due

• Utilities Corporation

• Office Supply Store

• Cash Reserves

What is the primary characteristic of liabilities?

• They are owned by the business

• They are owed by the business

• They generate revenue

• They are investments

Which of the following is NOT typically considered a liability?

• Taxes Due

• Accounts Payable

• Mortgage Payable

• Sales Revenue

Which of the following is NOT a financial statement?

• Balance Sheet

• Income Statement

• Statement of Change in Owner's Equity

• Employee Handbook

What type of information is typically found in a Balance Sheet?

• Company policies

• Assets, liabilities, and equity

• Employee performance reviews

• Marketing strategies

What are liabilities?

• Net worth of the business

• Revenue generated by the business

• Money owed by the business

• Assets owned by the business

Which of the following is an example of a liability?

• Cash

• Equipment

• Accounts payable

• Owner's equity

What does the balance sheet help determine?

• The profitability of a business

• The financial position of a business

• The marketing strategy of a business

• The customer satisfaction level