What is an account?

Quiz - FabM

Quiz
•
Other
•
11th Grade
•
Easy
Excell Saavedra
Used 2+ times
FREE Resource
35 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A. It is the basic storage of information in accounting.
A. It is the resources you control that have resulted from past events.
A. It is your present obligation that have resulted from past events.
A. It is your present obligation that have resulted from past events.
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What are the five major accounts?
I. Asset II. Liabilities III. Equity IV. Income
V.Expense VI. Balance Sheet VII. Income Statement
A. I,II,IV,V,VII
B. I,II,III,IV,V
C. I,IV,V,VI,VII
D. I,II,III,IV,VI
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
If expenses are paid in cash, then:
A. Assets will increase
B. Assets will decrease
C. Liabilities will decrease
D. Owner’s equity will increase
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
If the owner makes a withdrawal of cash from his company bank account, then:
A. Owners equity will increase.
B. Owner’s equity will decrease.
C. There has been a violation of accounting principles
D. There will be a new a liability showing the owner owes money to the business
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
As of December 31, 2024, Regents Company has assets of P210,000 and owner’s equity of 120,000. What are the liabilities for Regents Company as of December 31, 2024?
A. P60,000
B. P90,000
C. P120,000
D. P330,000
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A customer bought barbecue worth P1,000 from your barbecue business. He told you that he will pay for it next week. How should the P1,000 collectible from customers be recorded?
A. Accounts Payable
B. Accounts Receivable
C. Sales Revenue
D. Unearned Income
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Your friend borrowed P2,000 from your barbecue business. You required from him a written promissory note to repay the money within 30 days plus a 2% monthly interest. How should the P2,000 collectible from your friend be recorded?
A. Accounts Payable
B. Accounts Receivable
C. Notes Receivable
D. Sales Renenue
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