Acc 111

Acc 111

11th Grade

5 Qs

quiz-placeholder

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Acc 111

Acc 111

Assessment

Quiz

Other

11th Grade

Practice Problem

Hard

Created by

Fatma Jassim

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5 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

All the following account are assets except:

  1. Account Receivable

  1. Equipment

  1. Account Payable

  1. Land

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Notes payable are classified as:

  1. Assets

  1. Owner's equity

  1. Expense

  1. Liabilities

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the company has the following balances BD12,000 cash, supplies BD3,000, furniture BD5,000 and account payable BD4,000, then the owner's equity will equal:

  1. BD16,000

  1. BD20.000

  1. BD15,000

BD24,000

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The Basic Accounting Equation

ASSETS = LIABILITIES + OWNER’S EQUITY

LIABILITIES = ASSETS + OWNER’S EQUITY

OWNER’S EQUITY = ASSETS+LIABILITIES

ASSETS = LIABILITIES - OWNER’S EQUITY

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Assets Classification

Account Payable

Cash

Notes payable

Service revenue

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