Are you ready for a quick account knowledge quiz? For a business to prosper, what they need most is funding which can come through investments, cash or selling their shares. What do you understand about these different types of funding and their treatment in the books of accounts? The quiz below is designed to help you answer that. Give it a try.
Sales of products or services
Owners' claims to resources
Resources owned
Costs of selling products or services
Amounts owed
Costs of selling products or services
Expense to run business
Sales of products or services
Distributions to stockholders
Assets purchased to run business
Costs of selling products or services
Sales of products or services
Amounts owed
Distributions to stockholders
Owners' claims to resources
Assets - liabilities = stockholders' equity
Assets + liabilities = stockholders' equity
Liabilities - stockholders' equity = assets
Bank loan
Interest paid to a credit union
Principle paid to Lehman bank
Monthly rent on office space
Income Statement
Balance Sheet
The Statement of Stockholders' Equity
The Statement of Cash Flows
Balance Statement
Financial accounting net income
Revenues
Expenses
True
False
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Here's an interesting quiz for you.