1) What is the primary purpose of accounting? a) To record financial transactions b) To prepare marketing strategies c) To manage employee schedules d) To design products 2) Which of the following is an example of a liability? a) Equipment b) Cash c) Accounts payable d) Inventory 3) In accounting, what does the term "debit" generally represent? a) An increase in liabilities or equity b) An increase in assets or expenses c) A decrease in assets or expenses d) A decrease in liabilities or equity 4) Liabilities are obligations that a business must settle in the future. a) TRUE b) FALSE 5) Liabilities are obligations that a business must settle in the future. a) TRUE b) FALSE 6) The correct accounting equation is: a) Assets = Liabilities + Owner’s Equity b) Assets + Liabilities = Owner’s Equity c) Revenue - Expenses = Net Income d) Assets = Revenue - Expenses 7) Which of the following is an example of a long-term asset? a) Cash b) Inventory c) Building d) Accounts receivable 8) Which of the following is an asset? a) Accounts payable b) Cash c) Revenue d) Expenses 9) Which financial statement shows profit or loss? a) Balance sheet b) Income statement c) Cash flow statement d) Statement of owner’s equity 10) Which of the following is a revenue account? a) Rent expense b) Service revenue c) Supplies expense d) Accounts payable

Basic Accounting Quest

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