Business and Accounting Concepts Quiz
Authored by Steven Bilello
Business
12th Grade
Used 2+ times
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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Tyler paid $3,700 on account to the company from which equipment was purchased on credit. This transaction would
increase assets and increase liabilities
increase assets and increase owner's equity
increase one asset and decrease another asset
decrease assets and decrease liabilities
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A decrease in owner's equity may result from a(n) a. withdrawal of cash from the business by the owner. b. revenue that is derived from sales of goods or services. c. investment of cash in the business by the owner. d. purchase of office supplies for cash.
withdrawal of cash from the business by the owner
revenue that is derived from sales of goods or services
investment of cash in the business by the owner
purchase of office supplies for cash
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Falana received $7,000 in cash from a client for professional services rendered. This transaction would
increase assets and increase owner's equity
increase one asset and decrease another asset
decrease assets and decrease liabilities
increase assets and increase liabilities
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Revenue derived from sales of goods or services results in a(n) ________ in owner's equity.
increase
decrease
no change
fluctuation
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Sue Lee paid $1,200 for her employees' salaries. This transaction would:
decrease assets and decrease liabilities.
increase assets and decrease owner's equity.
increase assets and increase liabilities.
decrease assets and decrease owner's equity.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is considered a liability?
Cash
Supplies
Accounts Payable
Equipment
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the term for the withdrawal of cash or other assets from the business for the personal use of the owner?
Cash
Supplies
Drawing
Equipment
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