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Total questions: 20
Worksheet time: 11mins
Assets=Liabilities-Owner's Equity is the accounting equation
TRUE
FALSE
What type of an account is cash?
ASSET
LIABILITIES
OWNER'S EQUITY
What type of an account is Capital?
ASSET
LIABILITIES
OWNER'S EQUITY
Paid cash on Account- which 2 accounts are being affected?
CASH & ACCOUNTS PAYABLE
CASH & CAPITAL
CASH & SUPPLIES
SUPPLIES & ACCOUNTS PAYABLE
Owner invests $1200 cash into their business.
Which 2 accounts are being affected?
ACCOUNTS PAYABLE & CAPITAL
CASH & ACCOUNTS PAYABLE
CAPITAL & CASH
CASH & SUPPLIES
The accounting equation must always be
balanced
uneven
zero
equal to the square root of 5
Bought supplies on account
Which 2 accounts are being affected?
CASH & SUPPLIES
SUPPLIES & CAPITAL
ACCOUNTS PAYABLE & CASH
ACCOUNTS PAYABLE & SUPPLIES
__________________ is the language of business.
Finance
Business Essentials
Accounting
English
Double entry in accounting means there must be________ entries for every transaction?
two
Three
six
one
A general Leger/T) has a ______ and _______ side.
cash receipt and debtors
debit and payments
debit and credit
creditors and debtors
Assets increase on the ________ side?
subsidiary
T-account
credit
debit
owners equity decreases on the _________ side?
credit
debit
payments
liability
assets decreases on the _______ side?
debit
two
credit
sixth
________ are debts of the business?
assets
liabilities
owners equity
vehicles
Equipment are an example of an/a ______?
loan
asset
liability
owners equity
