Accounting Final Exam Review 1
Authored by Trevor Hirsh
Life Skills
9th - 12th Grade
Used 36+ times
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28 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Classify the following transaction as an asset, liability, or owner's equity:
The owner invests personal cash in business. Cash is:
An Asset
A Liability
Owner's Equity
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Classify the following transaction as an asset, liability, or owner's equity:
The owner withdraws business assets for personal use. The withdrawal is:
An Assets
A Liability
Owner's Equity
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Classify the following transaction as an asset, liability, or owner's equity:
The company repays the bank that had lent money.
An Asset
A Liability
Owner's Equity
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Classify the following transaction as an asset, liability, or owner's equity:
The company purchases equipment with its cash. Equipment is:
An Asset
A Liability
Owner's Equity
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Classify the following transaction as an asset, liability, or owner's equity:
The owner contributes her personal truck to the business
An Asset
A Liability
Owner's Equity
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Classify the following transaction as an asset, liability, or owner's equity:
The company purchases supplies on credit. Supplies are:
An Asset
A Liability
Owner's Equity
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is accounting?
The activity of recording revenue for a business.
Implementing a spreadsheet system for a new business.
Planning, recording, analyzing, and interpreting financial information.
The activity of recording liabilities for a business.
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