
Fundamentals of Accounting Principles

Interactive Video
•
Business
•
7th - 12th Grade
•
Hard

Olivia Brooks
FREE Resource
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10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the fundamental principle behind the Accounting Equation?
Assets are always greater than Liabilities
Stuff the Business Owns is equal to the Stuff the Business Owes
Liabilities are always greater than Equity
Equity is always greater than Assets
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the Accounting Equation, what term is used to describe what the business owes to its owner?
Equity
Assets
Liabilities
Revenue
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT considered an Asset?
Loans Payable
Accounts Receivable
Inventory
Cash
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the most common forms of Equity?
Accounts Payable and Loans Payable
Cash and Inventory
Stockholders' Equity and Retained Earnings
Wages Payable and Taxes Payable
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If a business spends $5 on corn, what happens to its Total Assets?
Total Assets decrease by $5
Total Assets increase by $5
Total Assets remain the same
Total Assets decrease by $10
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens to the business's Cash and Loans Payable when it borrows $10?
Cash increases by $10, Loans Payable decreases by $10
Cash decreases by $10, Loans Payable increases by $10
Cash increases by $10, Loans Payable increases by $10
Cash decreases by $10, Loans Payable decreases by $10
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
After selling popcorn at a 60% markup, what is the profit if the sales were $8 and the cost was $5?
$5
$4
$3
$2
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