Accounting Terms - Multiple Choice Quiz

Accounting Terms - Multiple Choice Quiz

University

20 Qs

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Accounting Terms - Multiple Choice Quiz

Accounting Terms - Multiple Choice Quiz

Assessment

Quiz

Social Studies

University

Practice Problem

Hard

Created by

sofia j

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20 questions

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1.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

Which account is affected when a company purchases furniture on credit?

Cash

Furniture

Sales

Capital

2.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

Which of the following is a liability?

Cash

Accounts Receivable

Accounts Payable

Inventory

3.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

The owner's equity is also known as:

Net Assets

Gross Profit

Revenue

Liability

4.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

Which statement is prepared to know the financial position of a business?

Trial Balance

Profit & Loss

Cash Flow Statement

Balance Sheet

5.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

Which of the following is a nominal account?

Capital

Bank

Commission Received

Building

6.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

The amount invested by the owner in the business is called:

Revenue

Asset

Liability

Capital

7.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

Which term refers to the reduction in the value of a fixed asset?

Appreciation

Depreciation

Amortization

Devaluation

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