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Quarter 1: TLE 10 Bookkeeping-REVIEWER

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35 questions
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  • Q1

    The principle that states VR must always equal VPW.

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    30s
  • Q2

    Resources owned by the business such as cash and equipment.

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    30s
  • Q3

    Obligations or debts of the business.

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    30s
  • Q4

    The account that represents the owner’s investment in the business.

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    30s
  • Q5

    The equation that shows the relationship among Assets, Liabilities, and Equity.

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    30s
  • Q6

    The value gained when a business acquires something, such as supplies or equipment.  

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    30s
  • Q7

     The value given up when a business pays with cash or other resources. 

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    30s
  • Q8

    What do we call the economic resource received by the business, such as merchandise or furniture? 

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    30s
  • Q9

    When cash is used to pay rent, what do we call the value parted with? 

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    30s
  • Q10

    When salaries are paid, what is the value received by the business? 

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    30s
  • Q11

     The equation that states Assets = Liabilities + Equity. 

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    30s
  • Q12

     The resources of the business such as cash, land, building, and supplies. 

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    30s
  • Q13

     The debts or obligations of the business, such as accounts payable. 

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    30s
  • Q14

    The investment and residual interest of the owner in the business. 

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    30s
  • Q15

    The account title used when the owner withdraws money or property for personal use. 

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    30s

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