Basic Accounting Terms Quiz
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Questions and Answers

Which of the following is NOT considered an asset in accounting?

  • Land
  • Office equipment
  • Accounts payable (correct)
  • Intellectual property

    • What is equity in accounting?

  • The money the company spends to produce the goods or services that it sells
  • The portion of total assets that the owners or stockholders of the company fully own (correct)
  • The money the company earns from its sales of products or services
  • Any debts a company has

    • Which of the following is considered an expense in accounting?

  • Mortgage debt
  • Advertising (correct)
  • Stocks
  • Bank debt

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