F&A_Intro quiz

Amount of money owed by a business

• liability

• asset

• capital

• account

Anything of value that is owned by a business:

• account

• asset

• withdrawal

• expense

The financial statement that reports the revenues and expenses for a period of time such as a year or a month is the:

• Balance Sheet

• Income Statement

• Statement of Cashflows

• None of These

The financial statement that reports the assets, liabilities, and stockholders' (owner's) equity at a specific date is the:

• Balance Sheet

• Income Statement

• Statement of Cashflows

• Cash Statement

The basic accounting equation is Assets = Liabilities + _______________________.

• Income

• Owner's Equity

• Expenses

• Profit

Another word for income / turnover / sales is

• cashflow

• asset

• profit

• revenue

The amount of money owed to the business by customers (creditors) :

• Credit accounts

• Debit accounts

• Accounts payable

• Accounts receivable

The money owed by the business to suppliers:

• Credit accounts

• Debit accounts

• Accounts payable

• Accounts receivable

Patents, trademarks, 'goodwill' etc are all examples of

• intangible assets

• fixed assets

• current assets

• long-term assets

Patents, trademarks, 'goodwill' etc are all examples of

• intangible assets

• fixed assets

• current assets

• long-term assets