5 Questions
Which of the following is an example of a liability account?
Accounts Payable
Which account type represents the debts that a company owes to individuals or other entities?
Liabilities
Which account type represents the owner's investment in the company?
Capital/Equity
Which account type represents the income earned by the company from providing services?
Revenues
Which account type represents the expenses incurred by the company in its operations?
Expenses
Test your knowledge of the basics of accounting with this cheat sheet quiz. Learn about elements of financial statements, account classification, T-accounts, and more. Perfect for beginners looking to understand the fundamentals of accounting.
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