Basic Accounting Online Quiz
| Description: Basic Accounting Online Quiz #Accounting basics | |
| Number of Questions: 20 | |
| Created by: Mira Shah | |
| Tags: finance |
T/F: Accounting information is used externally by creditors, tax authorities, and investors.
T/F: Owner's Equity is sometimes referred to as Shareholders’ Equity or Net Worth.
An income statement is also called a:
Which account is a liability?
Expenses are:
Which of the following could be a source of income for a business?
Assets (such as cash, accounts receivable, and vehicles) are reported on the:
A financial statement showing the revenue and expenses for a specific period is called:
Which of the following could be a source of income for a business?
Which is not one of the three main forms of business organization?
Which one is NOT a type of business activity?
Which one is NOT an example of an internal user of accounting information?
T/F: One advantage of a sole proprietorship is that there is no personal liability.
A business owned by one person is called a:
Income that a company receives from its normal business activities is called:
Owner's interest in the assets of a business is called:
Resources owned by a business are called:
Obligations or debts of a business are called:
Which is an asset?
What is the accounting equation?