Accounting Practice Questions

Amounts still owed on our building's mortgage.

• Asset

• Revenue

• Liability

• Cost of Merchandise (COM)

• Owner's Equity

A delivery truck used in the operation of the business.

• Asset

• Revenue

• Liability

• Cost of Merchandise (COM)

• Owner's Equity

Freight charges on merchandise we have shipped in to our business.

• Asset

• Revenue

• Liability

• Cost of Merchandise (COM)

• Owner's Equity

Owner withdrawal of an asset.

• Asset

• Revenue

• Liability

• Cost of Merchandise (COM)

• Owner's Equity

The difference between the assets and liabilities of a business.

• Asset

• Revenue

• Liability

• Cost of Merchandise (COM)

• Owner's Equity

The amount earned from selling merchandise after markup.

• Asset

• Revenue

• Liability

• Cost of Merchandise (COM)

• Owner's Equity

All items represented by the left side of the the accounting equation.

• Asset

• Revenue

• Liability

• Cost of Merchandise (COM)

• Owner's Equity

The Income Summary Account

• Asset

• Revenue

• Liability

• Cost of Merchandise (COM)

• Owner's Equity

Amounts we deduct from customer accounts for early payments.

• Asset

• Revenue

• Liability

• Cost of Merchandise (COM)

• Owner's Equity

The gross increase in capital from the normal operations of the business.

• Asset

• Revenue

• Liability

• Cost of Merchandise (COM)

• Owner's Equity