Accounts in Accounting

What is an account?

• A record of all transactions related to a specific item

• A summary of monthly expenses

• A list of all employees in a company

• A detailed report of annual profits

Which of the following is an example of an account?

• Cash

• Employee list

• Annual report

• Meeting schedule

Which type of account represents the income generated from business activities?

• Assets

• Liabilities

• Revenue

• Equity

Which type of account would include salaries and wages?

• Revenue

• Expenses

• Assets

• Equity

Which type of account would include cash and equipment?

• Assets

• Liabilities

• Revenue

• Expenses

What are assets in a business context?

• What a business owes

• What a business owns

• What a business sells

• What a business earns

Which of the following is an example of an intangible asset?

• Vehicle

• Equipment

• Patent

• Inventory

Which of the following is NOT considered a liability?

• Bills

• Loans

• Equipment

• Accounts payable

What term describes what a business owes?

• Assets

• Liabilities

• Revenue

• Capital

What does equity represent in a business?

• The owner's share in the business

• The total liabilities of the business

• The total assets of the business

• The revenue of the business