Accounting

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Other

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11th Grade

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Mary Ann dela Cruz

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1 Slide • 9 Questions

Quiz 2

Fundamentals of Accountancy, Business and Management 1

Multiple Choice

Which of the following is under ASSETS?

inventories

accounts receivable

prepaid rent

all of the above

Multiple Choice

Which of the following cases can be the accounting equation be rewritten?

Assets + Liabilities = Equity

Assets - Liabilities = Equity

Equity - Assets = Liabilities

Equity + Assets = Liabilities

Multiple Choice

Mortgage payable is under what category of liabilities?

current liabilities

non-current liabilities

Multiple Choice

Which of the following is a contra-asset account?

allowance for bad debts

unearned income

accrued liability

prepaid expense

Fill in the Blanks

If your asset is worth 520,000 and your liability is 300,000, how much is your owner's equity?

Type answer...

Multiple Choice

What financial statement covers the asset, liabilities, and owner's equity?

Income Statement

Balance Sheet

Statement of Cash Flows

Statement of changes in Owner's Equity

Fill in the Blanks

If your liability is 345,000 and your capital is 500,000. How much is your total assets?

Type answer...

Multiple Choice

Which of the following is under LIABILLITIES?

Accounts receivable

Marketable securities

Drawings

Unearned revenues

Multiple Select

Check the box of all CURRENT ASSETS. (You can answer more than 2 of the choices)

inventories

supplies

equipment

cash

land

Quiz 2

Fundamentals of Accountancy, Business and Management 1

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