Understanding Accounting Terms

Understanding Accounting Terms

9th Grade

10 Qs

quiz-placeholder

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Understanding Accounting Terms

Understanding Accounting Terms

Assessment

Quiz

Business

9th Grade

Easy

Created by

Deon Strydom

Used 1+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

1. Which of the following is an example of an Asset? a) Cash b) Owner's equity c) Sales

a) Cash

Revenue

Inventory

Accounts payable

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

2. What does CRJ stand for? a) Cash Receipts Journal b) Capital Record Journal c) Credit Return Journal

Credit Receipt Journal

a) Cash Receipts Journal

Cash Record Journal

Capital Returns Journal

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

3. What does CPJ stand for? a) Cash Payments Journal b) Capital Purchase Journal c) Credit Purchase Journal

Cash Purchase Journal

a) Cash Payments Journal

Credit Payments Journal

Capital Payments Journal

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

4. What is recorded in the CRJ? a) All payments made by the business b) All cash received by the business c) All expenses incurred by the business

d) All assets owned by the business

a) All payments made by the business

c) All expenses incurred by the business

b) All cash received by the business

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

5. What is recorded in the CPJ? a) All payments made by the business b) All cash received by the business c) All revenues generated by the business

All expenses incurred by the business

All loans taken by the business

All assets purchased by the business

a) All payments made by the business

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

6. What type of account is Capital? a) Asset b) Liability c) Owner's Equity

d) Revenue

e) Expense

f) Investment

c) Owner's Equity

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

7. Complete the equation: O = A - ? a) L b) C c) E

T

E

M

R

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