Welcome to the Knowledge Mouse Online Quiz
Intro to Accounting
| Questions |
Answers |
| Which of the following would NOT be classified as an asset account? |
Utilities |
| Which type of accounting involves creating reports for external stakeholders? |
Financial Accounting |
| TRUE OR FALSE: Liability accounts have a debit normal balance. |
False |
| Which financial statement shows the company's profit or loss for a given time period? |
Income Statement |
| TRUE OR FALSE: Assets are reported at their historical cost. |
True |
| The accounting equation can be stated as? |
Assets = Liabilities + Equity |
| If a company has assets of $1,000 and liabilities of $400, what is the balance of owner's equity? |
$600 |
