accounting in accounting in action
Quiz by Dalal Buhusayyen
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10 questions
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- Q1What is the definition of Accounting?Recording financial transactionsProcessing numbersPlanning and recording financial transactions.The process of planning, recording, analyzing, and interpreting financial information.30s
- Q2What is an asset?Anything of value that is owned.A house (property)Anything of value that you are considering purchasing.car30s
- Q3State the accounting equation, and define assets, liabilities, and owner's equity. The basic accounting equation is:Assets = Liabilities + Owner's EquityAssets + Liabilities = Owner's EquityAssets = Liabilities -Owner's Equity30s
- Q4The 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.70,000RS.60,000RS.50,00030s
- Q5Assets equals $700,000 and its equity is $400,000. What is the amount of liabilities?$1,100,000-$300,000$300,000-$1,100,00030s
- Q6Total 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$500,00030s
- Q7Which is an example of an asset?RevenueCashOwner's WithdrawalAccounts Payable30s
- Q8What is an example of a liability?Owner's CapitalAccounts ReceivableCashAccounts Payable30s
- Q9What is NOT an example of an equity account?CapitalAccounts PayableWithdrawalsWithdrawals30s
- Q10What type of account is Land?EquityCapitalAssetLiability30s