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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! . - PowerPoint PPT Presentation
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By: Kristi Jeffres
1 2 3
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!