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SJI10- TLE 2ND QUARTER TERMS

Authored by TEACHER ROSE

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10th Grade

SJI10- TLE 2ND QUARTER TERMS
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35 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the accounting equation represent?

Assets = Liabilities + Owner’s Equity

Assets = Liabilities + Owner’s Equity + Revenues - Expenses

Assets + Liabilities = Owner’s Equity

Revenues - Expenses = Owner’s Equity

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What effect do investments by the owner have on owner’s equity?

Decrease owner’s equity

Increase owner’s equity

Have no effect on owner’s equity

Increase liabilities

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are drawings in accounting terms?

Increases in owner’s equity

Withdrawals of cash or other assets by the owners

Revenues earned by the business

Expenses incurred by the business

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is defined as gross increases in owner’s equity from business activities?

Expenses

Drawings

Revenues

Assets

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following represents decreases in owner’s equity?

Revenues

Drawings

Investments

Assets

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best describes revenues?

Decreases in owner’s equity

Increases in owner’s equity from activities aimed at generating income

Increases in liabilities

Expenses incurred by the business

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens to owner’s equity when a business incurs expenses?

It increases

It decreases

It has no effect

It remains constant

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