Accounting S1 Exam Review

Accounting S1 Exam Review

12th Grade

100 Qs

quiz-placeholder

Similar activities

Unit One Review; History, Approaches, Research & Stats

Unit One Review; History, Approaches, Research & Stats

12th Grade - University

100 Qs

Unit 3 Test Review: Supply & Demand

Unit 3 Test Review: Supply & Demand

9th - 12th Grade

100 Qs

Important Info for Minor Drivers

Important Info for Minor Drivers

12th Grade

100 Qs

Buying a Car, credit score, and Homes

Buying a Car, credit score, and Homes

9th - 12th Grade

100 Qs

Entrepreneur Quiz

Entrepreneur Quiz

12th Grade

98 Qs

2022 Global Business Final Exam Review

2022 Global Business Final Exam Review

6th - 12th Grade

104 Qs

LONG QUIZ #1 (FABM2-MIDTERM-SY 2021-22)

LONG QUIZ #1 (FABM2-MIDTERM-SY 2021-22)

12th Grade

100 Qs

ABF Glossary - Vocabulary Questions

ABF Glossary - Vocabulary Questions

12th Grade

100 Qs

Accounting S1 Exam Review

Accounting S1 Exam Review

Assessment

Quiz

Other

12th Grade

Hard

Created by

R. Weaver

Used 6+ times

FREE Resource

AI

Enhance your content

Add similar questions
Adjust reading levels
Convert to real-world scenario
Translate activity
More...

100 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

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

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

Create a free account and access millions of resources

Create resources

Host any resource

Get auto-graded reports

Google

Continue with Google

Email

Continue with Email

Classlink

Continue with Classlink

Clever

Continue with Clever

or continue with

Microsoft

Microsoft

Apple

Apple

Others

Others

By signing up, you agree to our Terms of Service & Privacy Policy

Already have an account?