Accounting Basics Quiz
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Questions and Answers

Which of the following is an example of an asset?

  • Common stock
  • Accounts payable
  • Salaries expense
  • Inventory (correct)

    • What is the accounting equation?

  • Revenue - Expenses = Net Income
  • Assets + Liabilities = Owner's Equity
  • Assets = Liabilities - Owner's Equity
  • Assets = Liabilities + Owner's Equity (correct)

    • What type of account is "Accounts Receivable"?

  • Revenue
  • Liability
  • Equity
  • Asset (correct)

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