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The Accounting Equation

Authored by Wayground Content

Business

11th Grade

Used 4+ times

The Accounting Equation
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7 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is another name for a non-current liability?

Short-term liability

Current liability

Long-term liability

Contingent liability

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is Owner's Equity?

The total value of a company's assets before liabilities are deducted.

The value returned to owners if all assets are liquidated and debts paid off.

The amount of money a company has in its bank accounts.

The total revenue generated by a company in a fiscal year.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an asset?

A resource that is expected to provide a future benefit to its owner.

A liability that incurs future costs.

A type of investment that guarantees returns.

A physical item that has no monetary value.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a liability?

Something that is owed to somebody else.

A type of asset that increases in value.

A financial obligation that can be ignored.

A legal document for property ownership.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Where are business assets reported?

On the business's income statement.

In the business's cash flow statement.

On the business's balance sheet.

In the business's statement of retained earnings.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Can you give examples of assets?

Cash at bank, inventories, and motor vehicles

Liabilities, expenses, and dividends

Revenue, equity, and interest

Sales, marketing, and research

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is another name for a current liability?

Long-term liability

Short-term liability

Contingent liability

Fixed liability

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