Quiz: Accounting Basics 3 - Assets

8 Questions | Total Attempts: 70

Settings
Please wait...
Accounting Quizzes & Trivia

Enter your name and email address below and then watch the video on the next page. Make notes as if you were attending a lecture and then answer the quiz questions that follow.


Questions and Answers
  • 1. 
    A(n)    ................   is something that has future or potential value.
    • A. 

      Liability

    • B. 

      Asset

    • C. 

      Stockholder

  • 2. 
    Pens, paper and printing cartridges are all examples of prepayments
    • A. 

      True

    • B. 

      False

  • 3. 
    Which one of the following items is not an asset?
    • A. 

      Prepayment of rent

    • B. 

      Inventory

    • C. 

      Bank Loan

    • D. 

      Building

  • 4. 
  • 5. 
    Credit card receipts are examples of ACOUNTS PAYABLE
    • A. 

      True

    • B. 

      False

  • 6. 
    Which of the following items below would be classified as Long Life Assets?
    • A. 

      Land and Buildings

    • B. 

      Inventory

    • C. 

      Motor Vehicles

    • D. 

      Supplies

    • E. 

      Fixtures and Fitings

    • F. 

      Cash at bank

  • 7. 
    Insurance paid in advance is known as a
  • 8.