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Accounting 101
Quiz 1
Instructions:
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What is the accounting equation?
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What is an asset?
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What is a liability?
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What is a proprietorship?
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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
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What is the net worth equation?
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Cash is an asset with a normal debit or credit balance?
Accounting 101
(Answer Key)
Quiz 1
Instructions:
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What is the accounting equation?
A=L + OE
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What is an asset?
anything of value owned by the business
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What is a liability?
Any amount owed by a business
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What is a proprietorship?
A business owned by one person
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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
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What is the net worth equation?
Assets-Liabiltiies= Net Worth
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Cash is an asset with a normal debit or credit balance?
Debit