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By: Kristi Jeffres

Basic Accounting is as easy as …. 2. 1. 3. By: Kristi Jeffres. Great Job! Let’s move on and test your knowledge on the basics of accounting. Directions: Place the correct word or symbol on each line. Don’t forget to keep the scale in balance!. Labeling The Basic Accounting Equation.

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By: Kristi Jeffres

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  1. Basic Accounting is as easy as… 2 1 3 By: Kristi Jeffres

  2. Great Job! Let’s move on and test your knowledge on the basics of accounting. Directions: Place the correct word or symbol on each line. Don’t forget to keep the scale in balance! Labeling The Basic Accounting Equation + Liabilities = Owner’s Equity Assets

  3. Question #1 Which of the following accounts is increased with a credit? • Supplies Expense • Supplies • Fees Earned • Owner’s Withdrawals

  4. Question #2 The cost of operating a business is called… • An expense • A liability • A withdrawal • An asset

  5. Question #3 Which of the following statements is false? • A Trial Balance is a list of all accounts with their balances • A Trial Balance is the same as a Balance Sheet • A Trial Balance provides a check in the equality of debits and credits • A Trial Balance may be taken at any time the postings are up to day

  6. Question #4 The most liquid of all assets is… • Inventory • Cash • Marketable Securities • Accounts Receivable

  7. Question #5 Which of the following accounts is classified as a short term financial asset? • Office Supplies • Accounts Receivable • Equipment • Prepaid Insurance

  8. Sorry, try again! Go back to… Question 1 Question 2 Question 3 Question 4 Question 5

  9. You are Correct! Now move on to… Question 2 Question 3 Question 4 Question 5

  10. You are Correct! … and now you have completed the entire quiz on the basics of accounting. Congratulations on a job well done!

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