Account Classification Trivia Quiz: Asset, Liability, Or Owner's Equity!

10 Questions | Total Attempts: 51
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Account Classification Trivia Quiz: Asset, Liability, Or Owner

For each question, identify the account as an ASSET, LIABILITY, or OWNER'S EQUITY.

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Questions and Answers
  • 1. 
    Operating equipment?
    • A. 

      Asset

    • B. 

      Liability

    • C. 

      Owner's Equity

  • 2. 
    Notes receivable?
    • A. 

      Asset

    • B. 

      Liability

    • C. 

      Owner's Equity

  • 3. 
    Income tax payable?
    • A. 

      Asset

    • B. 

      Liability

    • C. 

      Owner's Equity

  • 4. 
    Capital?
    • A. 

      Asset

    • B. 

      Liability

    • C. 

      Owner's Equity

  • 5. 
    Cash?
    • A. 

      Asset

    • B. 

      Liability

    • C. 

      Owner's Equity

  • 6. 
    Accounts payable?
    • A. 

      Asset

    • B. 

      Liability

    • C. 

      Owner's Equity

  • 7. 
    Prepaid rent?
    • A. 

      Asset

    • B. 

      Liability

    • C. 

      Owner's Equity?

  • 8. 
    Supplies expense?
    Discuss
    • A. 

      Asset

    • B. 

      Liability

    • C. 

      Owner's Equity

  • 9. 
    Inventory?
    • A. 

      Asset

    • B. 

      Liability

    • C. 

      Owner's Equity

  • 10. 
    Sales revenue?
    • A. 

      Asset

    • B. 

      Liability

    • C. 

      Owner's Equity

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