How much do you know about accounting?

Net worth is equal to?

• Total active

• Total assets + liabilities

• Total assets - liabilities

If your assets increased by $5,000 and your liabilities decreased by $3,000, your net worth will be:

• Increased by $2,000

• Increased by $3,000

• Increased by $8,000

What are the elements of the balance sheet?

• Assets, liabilities and equity

• Income and expenses

• Asset, income and capital

The two most important financial statements are?

• Notes to the financial statements and evolution of equity

• Balance sheet and income statement

• Balance sheet and notes to financial statements

The official financial statements are?

• Balance sheet

• Statement of income

• Accounting records

• Notes to financial statements

Accounts known as permanent accounts are?

• Assets, income and capital

• Assets, liabilities and expenses

• Assets, liabilities and capital

Fixed assets involve accounts such as:

• Building, plant and equipment, suppliers.

• Land, transportation equipment and office equipment

• Patents, land and dividends

This report details the cash movements that occurred in the period

• Adjusted trial balance

• Balance sheet

• Statement of cash flows

Which of the following accounts belong to the asset?

• 1

• 2

• 3

To what nature does the liability account belong?

• Debit

• Credit