Assets are $50,000. Liabilities are $12,000. What is Owner's Equity?
Accounting Basics

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Other
•
9th - 12th Grade
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Medium
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17 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
$38,000
$62,000
None of the Choices
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An accounting device used to analyze transactions
T-Account
Debit
Credit
Chart of Accounts
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Assets are $120,000. Owner's Equity is $95,000. What is the Liability?
$215,000
$25,000
None of the Choices
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The amount remaining after the value of all liabilities is subtracted from the value of all assets.
Accounting
Asset
Liability
Owner's Equity
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An amount recorded on the left side
T-Account
Debit
Credit
Chart of Accounts
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What type of account is Accounts Payable?
Asset
Liability
Owner's Equity
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What type of account is Cash?
Asset
Liability
Owner's Equity
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