1) What is the accounting equation? a) Assets = Liabilities + Equity b) Assets = Revenue – Expenses c) Liabilities = Assets – Equity d) Equity = Assets + Liabilities 2) Which financial statement shows a company’s revenues and expenses? a) Balance Sheet b) Cash Flow Statement c) Income Statement d) Statement of Changes in Equity 3) Cash, Accounts Receivable, and Inventory are examples of what type of accounts? a) Liabilities b) Assets c) Equity d) Revenues 4) What is the normal balance of an asset account? a) Debit b) Credit c) Both Debit and Credit d) None 5) Which account represents what a business owes to suppliers? a) Accounts Receivable b) Accounts Payable c) Cash d) Capital 6) Which of the following is NOT an asset? a) Cash b) Land c) Notes Payable d) Equipment 7) Revenues minus Expenses equals what? a) Assets b) Net Income c) Liabilities d) Owner’s Equity 8) Which financial statement shows the financial position at a specific date? a) Balance Sheet b) Income Statement c) Trial Balance d) Cash Flow Statement 9) What does GAAP stand for? a) General Accepted Accounting Practice b) Generally Accepted Accounting Principles c) Government Approved Accounting Policies d) General Accounting and Auditing Procedures 10) Which side of the T-account are credits recorded? a) Left side b) Right side c) Both sides d) None

Basic Accounting Quest

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