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Introduction to Accounting and Balance Sheets - Grade 11 Flashcards | StudBud
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Introduction to Accounting and Balance Sheets - Grade 11
Introduction to Accounting and Balance Sheets - Grade 11
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Accounting Equation, Balance Sheet
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
ASSETS = $1,000 LIABILITIES= $0 OWNER'S EQUITY = $1,000 Is this a
VALID equation
?
YES
NO
2
ASSETS = $1,000 LIABILITIES= $300 OWNER'S EQUITY = $600 Is this a
VALID equation
?
NO
YES
3
Walmart is this type of business.
Merchandising
Manufacturing
Service
4
The correct date presentation for a Balance Sheet.
For the year ended December 31
As at Dec. 31
As at December 31
5
Items of value that a business has and uses to conduct operations.
Liabilities
Assets
Owner's Equity
6
Maria buys OFFICE EQUIPMENT on account from Staples - Affected accounts?
Staples, Accounts Payable; Maria Capital
Cash in Bank; Office Equipment
Office Equipment; Staples, Accounts Payable
Cash in Bank; Maria Capital
7
Classification of Land.
Assets
Liabilities
Owner's Equity
8
Debts or amounts owed.
Assets
Liabilities
Equity
9
Maria pays $1,000 CASH to buy OFFICE EQUIPMENT - Affected accounts?
Cash in Bank; Office Equipment
Staples, Accounts Payable; Maria Capital
Cash in Bank; Maria Capital
Only Maria, Capital
10
The item that does not belong.
Building
Land
Equipment
Cash
11
The item that does not belong.
Building
Cash
Supplies
Accounts Receivable
12
Classification of mortgage.
Assets
Owner's Equity
Liabilities
13
The owner's investment in the business.
Owner's Equity
Liabilities
Assets
14
The correct spelling/grammar of the following terms:
owner's equity & receivable
owners equity & receivable
owner's equity & recievable
15
A business owned by many owners known as shareholders.
Corporation
Sole Proprietorship
Partnership
16
ASSETS = $1,000 LIABILITIES= $1,000 OWNER'S EQUITY = $1,000 Is this a
VALID equation
?
YES
NO
17
The term used in the Equity section of a Personal Balance Sheet.
Net Worth
Capital
18
When using columnar paper, omit the following:
All mentioned
Dollar Signs
Commas
Decimals
19
Maria invests $10,000 in a business chequing account. Affected accounts?
Staples, Accounts Payable; Maria Capital
Office Equipment; Maria Capital
Cash in Bank; Maria Capital
Only Maria, Capital
20
The new accounting designation in Canada.
CA
CGA
CPA
CMA
