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Question 1

What is the term for something a business owns that has value?

Accepted Answer

Asset

Question 2

Which of the following is an example of a liability?

Accepted Answer

2

Question 3

What does Equity represent in the accounting equation?

Accepted Answer

Capital

Question 4

True or False: A liability represents something a company owes to others.

Accepted Answer

o

Question 5

Which of the following is an example of an asset?

Accepted Answer

2

Question 6

True or False: Expenses are costs incurred by a business in the process of earning revenue.

Accepted Answer

o

Question 7

What is the term for the owner taking office assets for personal use?

Accepted Answer

Drawings

Question 8

Is income debit or credit in nature?

Accepted Answer

Credit

Question 9

The account name associating with the keyword "on credit"? (Select more than one answers)

Accepted Answer

0

Accepted Answer

3

Question 10

The cost of goods was $1,000
What are the two possible keywords in the statement? 
[Type in this format: (_____, _______)]

Accepted Answer

cost, goods

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