By: Kristi Jeffres

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Basic Accounting is as easy as…

Labeling The Basic Accounting Equation

Assets

+

Liabilities

Owner’s Equity

=

Directions: Place the correct word or symbol on each line. Don’t forget to keep the scale in balance!

Great Job! Let’s move on and test your knowledge on the basics of accounting.

Which of the following accounts is increased with a credit?

(a) Supplies Expense(b) Supplies(c) Fees Earned(d) Owner’s Withdrawals

Question #1

Question #2The cost of operating a business is called…

(a) An expense(b) A liability(c) A withdrawal(d) An asset

Question #3Which of the following statements is false?

(a) A Trial Balance is a list of all accounts with their balances

(b) A Trial Balance is the same as a Balance Sheet(c) A Trial Balance provides a check in the equality

of debits and credits(d) A Trial Balance may be taken at any time the po

stings are up to day

Question #4

The most liquid of all assets is…

(a) Inventory (b) Cash(c) Marketable Securities(d) Accounts Receivable

Question #5Which of the following accounts is classified as a short term financial asset?

(a) Office Supplies(b) Accounts Receivable(c) Equipment(d) Prepaid Insurance

Sorry, try again!

Go back to…

Question 1Question 2Question 3Question 4Question 5

You are Correct!Now move on to…

Question 2Question 3Question 4Question 5

You are Correct!… and now you have

completed the entire quiz on the basics of accounting. Congratulations on a job

well done!