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Basic Accounting skills

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Presenting you with a few quizzes over time about basic accounting principles. I learned these skills in high school back in the the early eighties, but they are still basically the same over time, as I have seen in some current textbooks. I had studied business subjects in high school for I thought that I would be working in an office somewhere as an office clerk or even as a bookkeeping clerk. These two job positions probably do not even exist anymore in today’s work world.

  • Question of

    What is this statement Assets = Liabilities + Owner’s Equity?

    • Balance sheet
    • Accounting equation
    • Income statement
    • T-account
  • Question of

    What is accounting?

    • Adding, subtracting or multiplying accounts for a business
    • How a business is run
    • A summary of a business
    • Planning, recording, analyzing and interpreting financial information
  • Question of

    What is an asset?

    • Things that are owned by a businessbusiness
    • Things that are owed.
    • Items that need completed in an accounting position
    • What a business is made up of
  • Question of

    What are liabilities?

    • Items that are owed by a business
    • Items that are owned by a business
    • Financial rights to an asset for a business
    • Transactions that are stated in numbers that have common value
  • Question of

    What is a proprietorship?

    • Is it a partnership?
    • Is it a corporation?
    • Is it a business owned by one person?
    • Is it a general business?
  • Question of

    What is a transaction?

    • A business activity that changes assets, liabilities and owner’s equity.
    • The capital of the business
    • What is owned by a business.
    • What is owed by a business.
  • Question of

    What is Owner’s equity?

    • Same as an asset for a business
    • Same as a liability for a business
    • Amount remaining after the value of all liabilities are substracted from all assets
    • Is the same as capital
  • Question of

    What is an account?

    • A record summarizing all the information pertaining to a single item in the accounting equation
    • The name given to an account.
    • An increase to the left side of the accouting equation.
    • An increase to the right side of the accounting equation.
  • Question of

    What is a balance sheet?

    • A financial statement of what is made for a business.
    • A financial statement that reports assets, liabilities and owner’s equity on a specific date.
    • A financial statement that records all revenue of a business.
    • A financial statement that reports all expenses of a business.
  • Question of

    What is a service business?

    • A business that performs an activity for a fee
    • A business that performs various activities for free.
    • A business that performs activities for tax purposes.
    • A business that performs business activities only once a year.

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BUSINESS AND FINANCE

Written by 1Mark

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