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accounting in accounting in action

Quiz by Dalal Buhusayyen

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10 questions
Show answers
  • Q1
    What is the definition of Accounting?
    Recording financial transactions
    Processing numbers
    Planning and recording financial transactions.
    The process of planning, recording, analyzing, and interpreting financial information.
    30s
  • Q2
    What is an asset?
    Anything of value that is owned.
    A house (property)
    Anything of value that you are considering purchasing.
    car
    30s
  • Q3
    State the accounting equation, and define assets, liabilities, and owner's equity. The basic accounting equation is:
    Assets = Liabilities + Owner's Equity
    Assets + Liabilities = Owner's Equity
    Assets = Liabilities -Owner's Equity
    30s
  • Q4
    The outside liabilities of a business are Rs. 20,000. The proprietor's capital is Rs. 50,000. Total assets of the firm are worth ___________.
    RS.70,000
    RS.60,000
    RS.50,000
    30s
  • Q5
    Assets equals $700,000 and its equity is $400,000. What is the amount of liabilities?
    $1,100,000
    -$300,000
    $300,000
    -$1,100,000
    30s
  • Q6
    Total assets equal $500,000. Liabilities and Owner's Equity are equal to each other. How much are each?
    $1,000,000
    $250,000
    $1,500,000
    $500,000
    30s
  • Q7
    Which is an example of an asset?
    Revenue
    Cash
    Owner's Withdrawal
    Accounts Payable
    30s
  • Q8
    What is an example of a liability?
    Owner's Capital
    Accounts Receivable
    Cash
    Accounts Payable
    30s
  • Q9
    What is NOT an example of an equity account?
    Capital
    Accounts Payable
    Withdrawals
    Withdrawals
    30s
  • Q10
    What type of account is Land?
    Equity
    Capital
    Asset
    Liability
    30s

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