Accounting Foundations Quiz 1

Quiz
•
Business
•
9th - 12th Grade
•
Medium

Lauren AITKENHEAD
Used 24+ times
FREE Resource
14 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main purpose of accounting?
Managing human resources
Selling goods and services
Recording and processing financial transactions
Developing marketing strategies
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an example of a financial transaction?
Hiring a new employee
Purchasing office supplies
Attending a business conference
Sending a marketing email
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What account type does 'Electricity' belong to?
Liability
Asset
Expense
Revenue
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which account type represents the amount the owner invests in the business?
Owner’s Equity
Asset
Expense
Revenue
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the relationship between the total assets, liabilities, and owner’s equity of a business at a certain date?
Assets = Liabilities - Owner’s Equity
Owner’s Equity = Assets + Liabilities
Liabilities = Assets + Owner’s Equity
Assets = Owner’s Equity + Liabilities
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which account type is always a debit in nature?
Revenue
Expenses
Liabilities
Owner’s Equity
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does 'Drawings' represent in accounting?
When the owner withdraws money from the business for personal use
Items that the business owns to sell
A cost paid when borrowing money from the bank
An income received from the bank for saving money
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