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WorksheetsAccounting Review. Warmup 2
Total questions: 10
Worksheet time: 10mins
Which one is right?
Asset = Owner's equity + Liability
Asset = Owner's equity - Liability
Asset + Owner's equity = Liability
Asset + Owner's equity = expense
Mr.W has current assets of $500 and total assets of $1500. ABC has current liabilities of $300 and total liabilities of $800. What is the amount of ABC's owner's equity
200
700
900
800
What is the purpose of an income statement?
calculate the bank balance
calculate net assets
calculate sales
calculate net profit
Which of the following means money spent?
income
expense
net income
gross income
When expenses are greater than income?
expense
net loss
net income
net gain
Income = 1000
Cost of Goods Sold = 200
Expenses = 300
Gross Profit = ?
800
500
700
300
The accounting equation must always be
balanced
uneven
zero
equal to the square root of 5
