BKANK-CH3-ALL QS

What are resources owned by the business called?

What are debts/obligations owed by the business to outsiders called?

Owner's capital is affected by which of the following?

• Revenue

• Expenses

• Drawing

• All of the above

Which of the following is an example of an Asset?

• Cash

• Accounts Payable

• Sales

• Wages Payable

Which of the following is an example of a Liability?

• Supplies

• Notes Payable

• Rent Revenue

• Equipment

Which of the following is an example of Revenue?

• Sales

• Wages Expense

• Buildings

• Long-term Loan

Which of the following is an example of an Expense?

• Utility Expenses

• Accounts Receivable

• Commission Revenue

• Short-term Loan

Fill in the blank: _______ is an example of an Asset.

Fill in the blank: _______ is an example of a Liability.

Fill in the blank: _______ is an example of Revenue.