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Questions and Answers
Which of the following is an example of an asset?
Which of the following is an example of an asset?
- Common stock
- Accounts payable
- Salaries expense
- Inventory (correct)
What is the accounting equation?
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"?
What type of account is "Accounts Receivable"?
- Revenue
- Liability
- Equity
- Asset (correct)
