WorksheetsAccounting Equation
Total questions: 12
Worksheet time: 16mins
Name
Class
Date
1.
Furniture is regarded as
a)
Assett
b)
Fixed Assett
c)
Liability
d)
Current Liability
2.
Owners equity just refer to the Capital of the owner
a)
True
b)
False
3.
The Accounting Equation must always be in balance?
a)
True
b)
False
4.
Purchases from a supplier on credit is a liability.
a)
True
b)
False
5.
For accounting purpose, the proprietor is a separate and distinct entity from the business.
a)
True
b)
False
6.
The owner invests personal cash in business.
a)
Asset (I)
b)
Liabilties (I)
c)
Equity (NE)
7.
The company receives cash from a bank loan
a)
Assets (I)
b)
Liabilities (D)
c)
Equity (D)
8.
The company repays the bank that had lent money
a)
Assets (I)
b)
Liabilities (D)
c)
Equity (D)
9.
Assets
a)
Anything owed by the company
b)
Anything owned of value by the company
10.
Cost incurred in its efforts to create revenue
a)
Expense
b)
Revenue
c)
Withdrawal
d)
Liability
11.
Expenses DECREASE owners equity.
a)
True
b)
False
12.
Revenue DECREASES owners equity.
a)
True
b)
False
100 %
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