Assets=Liabilities-Owner's Equity is the accounting equation
Accounting

Quiz
•
9th - 12th Grade
•
Medium
JESSICA COLLINS
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FREE Resource
7 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
TRUE
FALSE
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What type of an account is cash?
ASSET
LIABILITIES
OWNER'S EQUITY
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The accounting equation must always be
balanced
uneven
zero
equal to the square root of 5
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
__________________ is the language of business.
Finance
Business Essentials
Accounting
English
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Something of value OWNED by the company is a
Liability
Asset
Owner's Equity
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Something of value OWED by a company is called a(n)
Asset
Liability
Owner's Equity
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
For an investor, personal and business money are put together and not kept separate.
TRUE
FALSE
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