Intro to Accounting Quiz

Which of the following versions of the accounting equations is correct?

Which of the following is not an example of an expense?

Which of the following is an example of an asset?

The nature of GST Paid is?

(a)  

Which is the wrong account involved in the following transaction?

Bought stationary from T Villani for $100 cash.

When an owner withdraws money from a business the account involved is?

(a)  

Liabilities (295,000)

Assets (455,000)

Owner's Equity?

(a)  

Owner's Equity (275,500)

Assets (450,000)

Liabilities?

(a)  

Which of the following is NOT an objective of accounting?

Revenues e.g. sales, have a credit nature as they increase the value of owner's equity, and Expenses e.g. electricity, have a debit nature as they decrease the owner's equity value.