Accounting Equation Quiz

khows123
Quiz by khows123, updated more than 1 year ago More Less
khows123
Created by khows123 about 4 years ago
168
1
0

Description

Accounting Equation Quiz

Resource summary

Question 1

Question
What is the accounting equation?
Answer
  • A = C + L (1)
  • B = C + C (2)
  • Z= A + B (3)

Question 2

Question
What does the accounting equation stand for?
Answer
  • Assets = Cost + Liabilities (1)
  • Assets = Capital + Liabilities (2)
  • Assets = Capital + Long term costs (3)

Question 3

Question
A credit is something that goes out of your bank account?
Answer
  • True
  • False

Question 4

Question
A debit is money that is coming into your account?
Answer
  • True
  • False

Question 5

Question
What is the meaning of an asset?
Answer
  • Money that is owed to the business or something that is the business (1)
  • Money that is owed from your business (2)
  • A customers shoe (3)

Question 6

Question
What is the meaning of a liability?
Answer
  • Something that you owe like a mortgage (1)
  • Something you want to buy (2)
  • Something you hired (3)

Question 7

Question
What is the meaning of capital?
Answer
  • Money invested in a business to generate income? (1)
  • Your income (2)
  • The amount of profit you make (3)
Show full summary Hide full summary

Similar

Accounting Equation
mrlewiswhalen
Conceptual Framework
Liz Barraclough
The double entry bookkeeping system
Debs Seed
The Frameworks
Gemma Doney
International Economics (Finals)
Emily Fenton
Европейски държави и знамена
Светла Събева
What is an account
leahrcddavis
How is accounting information recorded?
Reece Rowlatt
Accounting Equation
ridashad98
Accounts - what are they?
k.michalska24
Lorraine's industrialization flashcards
lorrainefabre