The most common type of legal business organization is the ____.

Accounting S1 Exam Review

Quiz
•
Other
•
12th Grade
•
Hard
R. Weaver
Used 6+ times
FREE Resource
100 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
partnership
sole proprietorship
corporation
franchise
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
In accounting, any items that belong to the business and have monetary value are called ____.
equities
liabilities
assets
deposits
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Recording and reporting a business's financial information separately from the owner's financial information is an application of the accounting concept ____.
unit of measurement
business entity
going concern
separation of records
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Financial rights to items (not the items themselves) owned by a business are known as ____.
financials
assets
equities
stocks
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The official accounting equation is most often (and most properly) stated as ____.
assets = liabilities + expenses
assets = liabilities + owner's equity
revenue - expenses = profit
receivables - payables = owner's equity
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
When a transaction changes both sides of the accounting equation, ____.
an increase on the right side must offset a decrease on the left side
an increase on the left side must equal an increase on the right side
neither side of the equation changes
none of the above
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
If cash is increased by $2,000.00 when the owner invests cash in the business, then capital is ____.
also increased by $2,000.00
increased by $1,000.00
decreased by $2,000.00
not changed
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