Have an account?
Skip to Content
Build your own quiz
Suggestions for you
10 questions
Show Answers
See Preview
- 1. Multiple Choice
An economic event that has a direct impact on the business.
External events
Internal events
Business transactions
External transactions
- 2. Multiple Choice
Increase of this account will decrease Owner's Equity
Asset Account
Expense Account
Liability Account
Income Account
- 3. Multiple Choice
Assets= Liabilities __ Owner's Equity
+
-
X
/
- 4. Multiple Choice
Accounting equation is very important tool to help in understanding and ______________ business transactions.
measuring
analyzing
creating
accounting
- 5. Multiple Choice
The accounting equation must remain in balance after each ________.
transactions
events
accounts
debit
- 6. Multiple Choice
Liabilities = Assets _____Owner's Equity
+
_
x
/
- 7. Multiple Choice
A separate record used to summarize changes in each assets, liabilities, and owner's equity.
Accountant
Account
Account Title
Count
- 8. Multiple Choice
The financial structures of a business enterprise are made up of assets, liabilities, and owner's equity.
True
False
Maybe
No answer
- 9. Multiple Choice
The business rendered service to customer on account. What is Value Received?
Cash
Accounts Payable
Accounts Receivable
Service Income
- 10. Multiple Choice
The business received cash from customer for the service rendered on account. What is Value Parted With?
Cash
Cancellation of Payables
Cancellation of Receivables
Service Income
- Answer choicesTagsAnswer choicesTags