Enterprise Quiz For *exam*

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| By Milol
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Milol
Community Contributor
Quizzes Created: 1 | Total Attempts: 81
| Attempts: 81
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  • 1/6 Questions

    Assets are:

    • Items of ownership that are benefical to the business
    • Moneys owed; debts or pecuniary obligations
    • Hair dryers, tools, paint, etc.
    • Green with spikes
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About This Quiz


This quiz should hep tp prepare for the exam on Friday
Good Luck!

Enterprise Quiz For *exam* - Quiz

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  • 2. 

    Liabilities are:

    • The very first, large, heading for a transaction table

    • Always a good thing

    • The same as an asset

    • Anything that is a hindrance or puts a business at disadvantage

    Correct Answer
    A. Anything that is a hindrance or puts a business at disadvantage
    Explanation
    Liabilities refer to anything that poses a hindrance or disadvantage to a business. They are financial obligations or debts that a company owes to external parties. Liabilities can include loans, accounts payable, accrued expenses, and other obligations that need to be settled in the future. Unlike assets, liabilities are not considered a good thing for a business as they represent the company's financial burdens and reduce its net worth. Managing liabilities effectively is crucial for maintaining a healthy financial position and ensuring the long-term sustainability of the business.

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  • 3. 

    Owners equity is:

    • The opposite of liability and can be expressed as capital

    • When the owners sneaks into the business' cash register and steals all the money and can be expressed as R.E.A.L.

    • Ownership interest in a corporation in the form of common stock or preferred stock capital

    • The amount of money in wages and can be expressed as capital

    Correct Answer
    A. Ownership interest in a corporation in the form of common stock or preferred stock capital
    Explanation
    The correct answer is ownership interest in a corporation in the form of common stock or preferred stock capital. This means that owners equity represents the value of the owner's investment in a corporation, either through common stock or preferred stock. It is a measure of the owner's ownership stake in the business and represents their claim on the assets of the company after all liabilities have been paid off.

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  • 4. 

    The accounting equation can be written as:

    Correct Answer
    O.E. = A − L
    A = L + O.E. + (Revenue - Expenses)
    A = L + O.E.
    A + E = L + O.E. + Revenue
    Explanation
    The accounting equation states that owner's equity (O.E.) is equal to assets (A) minus liabilities (L). This equation shows the relationship between the financial resources of a business (assets) and the claims against those resources (liabilities and owner's equity). The given answer shows the different forms in which the accounting equation can be expressed, including the inclusion of revenue and expenses.

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  • 5. 

    Explain the importance of a Journal and Ledger book.

  • 6. 

    What is debit and credit?

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  • Current Version
  • Sep 06, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Jun 11, 2009
    Quiz Created by
    Milol

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