Accounting Review Quiz For Final Project

5 Questions | By Ben.brelje | Last updated: Mar 21, 2022 | Total Attempts: 81

Questions and Answers

1.

The basic accounting equation is
- A.
  
  Assets + Revenue = Profit
- B.
  
  Assets + Liabilities = Owner's Equity
- C.
  
  Revenue + Assets + Owner`s Equity
- D.
  
  Assets = Liabilities + Owner's Equity
2.

The balance sheet reports the balances
- A.
  
  In asset, liability and owner`s equity accounts
- B.
  
  In revenues and expenses
- C.
  
  In assets and liabilities
- D.
  
  Revenues and owner's equity
3.

The information needed to prepare the income statement comes from
- A.
  
  The general ledger
- B.
  
  The trial balance
- C.
  
  The balance sheet
- D.
  
  The journal
4.

Did GeorgeCo have a net income or loss in May?
- A.
  
  Net Income
- B.
  
  Net Loss
5.

Determining the debit and credit parts of each transaction is called
- A.
  
  Working the transaction
- B.
  
  Breaking down the transaction
- C.
  
  Analyzing the transaction
- D.
  
  Guessing

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