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Accounting Basics: Accounting Equation Flashcards | StudBud
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Accounting Basics: Accounting Equation
Accounting Basics: Accounting Equation
10 terms
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StudBud Administration
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An introduction to the basics of accounting through its definitions and equations.
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
In simple terms, revenue is what the company earns from its normal business activities. T/F?
True
False
2
...... are what the company owns and control. They benefits the company.
Owner's Equity
Assets
Revenue
Liabilities
3
What is bank overdraft categorized as?
Liability
Expenses
Asset
Revenue
4
Which of the following could be an asset to a college?
Photocopy machine on rent
Water
Mortgage
Building
5
Stocks are company's asset. True or false?
False
True
6
When a company owes another party, it is called a .....
Assets
Liability
Expenses
Owner's Equity
7
A company's building is $300,000 and it was financed by bank loan at $250,000. What is the OE?
$50,000
$250,000
$300,000
$550,000
8
Which statement best explain Owner's Equity?
Owner's equity equals to all of the company's assets.
It is portion of the business that belongs to the owner.
The business is owned by the owner.
9
Expenses are ...
Costs associated with doing business.
All payments made are expenses.
Money received.
10
Capital is part of ...
Owner's Equity
Asset
Revenue
