VCE Accounting - Accounting Equation Flashcards

1

Which of the following is not a double-entry accounting rule?

2

What is not one of the three types of owner's equity?

3

Which of the following phrases is NOT part of the definition of an asset?

4

What element is a creditor classified as?

5

What element of the accounting equation is furniture classified as?

6

What is a balance sheet?

7

Which of the following part does NOT need to be in the title of all accounting reports?

8

True or False: A = L + OE + R - E

9

T/F: The balance sheet details a firm's financial position for the year.

10

T/F: Owner's equity is the residual interest in the entity's assets, after capital is deducted.

VCE Accounting - Accounting Equation