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Question 1
Question
What is the accounting equation?
Answer
-
A = C + L (1)
-
B = C + C (2)
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Z= A + B (3)
Question 2
Question
What does the accounting equation stand for?
Answer
-
Assets = Cost + Liabilities (1)
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Assets = Capital + Liabilities (2)
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Assets = Capital + Long term costs (3)
Question 3
Question
A credit is something that goes out of your bank account?
Answer
- True
- False
Question 4
Question
A debit is money that is coming into your account?
Answer
-
True
-
False
Question 5
Question
What is the meaning of an asset?
Answer
-
Money that is owed to the business or something that is the business (1)
-
Money that is owed from your business (2)
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A customers shoe (3)
Question 6
Question
What is the meaning of a liability?
Answer
-
Something that you owe like a mortgage (1)
-
Something you want to buy (2)
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Something you hired (3)
Question 7
Question
What is the meaning of capital?
Answer
-
Money invested in a business to generate income? (1)
-
Your income (2)
-
The amount of profit you make (3)
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