WorksheetsIntro to Accounting Quiz
Total questions: 10
Worksheet time: 8mins
What is accounting?
The process of keeping track of your money
The process of keeping books for a company
The process of planning, recording, analyzing, and interpreting financial information
The Process of keeping track of spending vs saving of a business
What is the accounting equation?
Assets + Owner's Equity = Liabilities
Assets+Liabilities = Owner's Equity
Assets = Liabilities + Owner's Equity
Liabilities - Assets = Owner's Equity
What is an asset? And give me 2 examples
(a)
Financial Reports that summarize the financial condition and operations of a business are called what?
(a)
Amounts that are owed to others are called what?
(a)
Susie has $10,000 in the bank. She owes $6,000 on a bank loan from college and is currently paying off her car that she purchased and she still owes 3,000 on her car. Susie's _______ is $1,000
Net Worth
Net Value
Personal Worth
Debt to value ratio
Financial rights to the assets of a business are called?
(a)
ABC company has 100,000 in assets and 75,000 in liabilities. What does ABC Company's owner's have in Equity?
100,000
75,000
25,000
-25,000
Any business activity that changes assets, liabilities, or Owner's Equity is a what?
(a)
Johnny does the accounting books for ABC company. Johnny realized that his math was not adding up and some money was missing. What should Johnny do?
Forget about it, it will all come out in the wash.
Redo his math, maybe he made a mistake.
Tell Someone, maybe there is someone stealing
Redo his math and then if he is correct, go and tell someone.
