Accounting S1 Exam Review

Accounting S1 Exam Review

12th Grade

100 Qs

quiz-placeholder

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Accounting S1 Exam Review

Accounting S1 Exam Review

Assessment

Quiz

Other

12th Grade

Hard

Created by

R. Weaver

Used 6+ times

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100 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The most common type of legal business organization is the ____.

partnership

sole proprietorship

corporation

franchise

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

In accounting, any items that belong to the business and have monetary value are called ____.

equities

liabilities

assets

deposits

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Recording and reporting a business's financial information separately from the owner's financial information is an application of the accounting concept ____.

unit of measurement

business entity

going concern

separation of records

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Financial rights to items (not the items themselves) owned by a business are known as ____.

financials

assets

equities

stocks

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The official accounting equation is most often (and most properly) stated as ____.

assets = liabilities + expenses

assets = liabilities + owner's equity

revenue - expenses = profit

receivables - payables = owner's equity

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

When a transaction changes both sides of the accounting equation, ____.

an increase on the right side must offset a decrease on the left side

an increase on the left side must equal an increase on the right side

neither side of the equation changes

none of the above

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

If cash is increased by $2,000.00 when the owner invests cash in the business, then capital is ____.

also increased by $2,000.00

increased by $1,000.00

decreased by $2,000.00

not changed

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