Accounting 101

Quiz 1

  1.  
    What is the accounting equation?
  2.  
    What is an asset?
  3.  
    What is a liability?
  4.  
    What is a proprietorship?
  5.  
    A financial statement that reports assets, liabilities, and owner's equity is called what?
    A. Income Statement B. Shareholder's Equity Statement C. Balance Sheet D. Cash Flow Statement
  6.  
    What is the net worth equation?
  7.  
    Cash is an asset with a normal debit or credit balance?
Answer Key
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Accounting 101 (Answer Key)

Quiz 1

  1.  
    What is the accounting equation?
    A=L + OE
  2.  
    What is an asset?
    anything of value owned by the business
  3.  
    What is a liability?
    Any amount owed by a business
  4.  
    What is a proprietorship?
    A business owned by one person
  5.  
    A financial statement that reports assets, liabilities, and owner's equity is called what?
    A. Income Statement B. Shareholder's Equity Statement C. Balance Sheet D. Cash Flow Statement
  6.  
    What is the net worth equation?
    Assets-Liabiltiies= Net Worth
  7.  
    Cash is an asset with a normal debit or credit balance?
    Debit

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