Edited Accounting Equation

Edited Accounting Equation

11th Grade

25 Qs

quiz-placeholder

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Edited Accounting Equation

Edited Accounting Equation

Assessment

Quiz

Specialty

11th Grade

Hard

Created by

Katherine S

FREE Resource

25 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the branch of accounting that prepares financial statements for use by owners, creditors, suppliers, and other external stakeholders?

Financial accounting

Managerial accounting

Cost accounting

Tax accounting

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What are resources of economic value owned by a business called?

assets

liabilities

expenses

revenues

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is an amount owed (debt) by a business known as?

liability

asset

equity

revenue

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the term for the owners' claim to assets?

stockholders equity

liabilities

revenue

expenses

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The following represent amounts a company is waiting to receive in the future from a customer for the sale of goods or services:

accounts receivable

accounts payable

inventory

deferred revenue

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The following represent the amounts a company owes for goods or services already acquired on account (on credit):

accounts payable

accounts receivable

inventory

equity

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is a transaction in which the merchandise purchased and received by a company is to be paid to their suppliers at a later date called?

purchase on account

cash purchase

immediate payment

prepaid order

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