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Introduction To Accounting Quiz!

Question 1 of 3

Q1 . Money owed to an outsider is known as

Q2 . What is the interest of the owners in the business known as?

Q3 . The Accounting Equation is

Q4 . Items owned by a business that has monetary value are known as:

Q5 . Bought equipment worth $10,000 on credit.

Q6 . The owner took some office equipment for personal use.

Q7 . Owner contributed $7,500 cash and $15,000 vehicle to the business.

Q8 . Paid creditor $5,000.

Q9 . C.K. Enterprise has fittings $4,000, inventory $5,000, debtors $2,750, bank overdraft $3,450 and creditors $1,250. Calculate the amount of owner's equity in the business.

Q10 . Which accounting theory states that all transactions must be recorded at their cost at the time the transaction takes place?

Q11 . Which accounting concept gives rise to the accounting equation?

Q12 . Money owed to an outsider is known as

Q13 . What is the interest of the owners in the business known as?

Q14 . The Accounting Equation is

Q15 . Items owned by a business that has monetary value are known as:

Q16 . Bought equipment worth $10,000 on credit.

Q17 . The owner took some office equipment for personal use.

Q18 . Owner contributed $7,500 cash and $15,000 vehicle to the business.

Q19 . Paid creditor $5,000.

Q20 . C.K. Enterprise has fittings $4,000, inventory $5,000, debtors $2,750, bank overdraft $3,450 and creditors $1,250. Calculate the amount of owner's equity in the business.

Q21 . Which accounting theory states that all transactions must be recorded at their cost at the time the transaction takes place?

Q22 . Which accounting concept gives rise to the accounting equation?

Q23 . Money owed to an outsider is known as

Q24 . What is the interest of the owners in the business known as?

Q25 . The Accounting Equation is

Q26 . Items owned by a business that has monetary value are known as:

Q27 . Bought equipment worth $10,000 on credit.

Q28 . The owner took some office equipment for personal use.

Q29 . Owner contributed $7,500 cash and $15,000 vehicle to the business.

Q30 . Paid creditor $5,000.

Q31 . C.K. Enterprise has fittings $4,000, inventory $5,000, debtors $2,750, bank overdraft $3,450 and creditors $1,250. Calculate the amount of owner's equity in the business.

Q32 . Which accounting theory states that all transactions must be recorded at their cost at the time the transaction takes place?

Q33 . Which accounting concept gives rise to the accounting equation?