Bookkeeping Basics: Understand the Fundamentals Section 7 Quiz – Lesson #07F

Which of the following is considered a "Current Asset"? • Inventory • Cash • Buildings and Land

Accounts Receivables are considered: • Fixed Assets • Current Assets • Owner's Equity • Cash

This image, which can be printed on objects, is an example of a: • Patent • Trademark • Copyright • "Secret Formula"

When organizing assets, the correct order starting from top to bottom is: • Current Assets; then Fixed Assets; then Cash • Cash; then Fixed Assets; then Current Assets • Fixed Assets; then Cash; then Current Assets • Cash; then Current Assets; then Fixed Assets

Which of the following is an example of an Asset Shift? • Selling an ice cream cone for $2 • Buying an ice cream maker for $200 • Buying ice cream to make sundaes which you sell as dessert for $8 • Spending $20 for a $2 ice cream cone and getting $18 in return

If your company purchases computer parts with the understanding you will pay for it 15 days, that's an example of: • Accounts Receivable • Accounts Payable • Long Term Liabilities • Both Accounts Payable and Long Term Liabilities

True or False - When dealing with Equity accounts, Capital is where owner's investments are tracked; Reserves is where company profit or loss is tracked; and Draw is where owner's withdrawals are tracked. • True • False

True or False - A company should NEVER track Capital and Reserve in the same account. • True • False

According to the Fundamental Accounting Equation, the value of the Owner's Equity is what is left: • After all Liabilities have been paid • Before all Liabilities have been paid • After Cash has been used to pay all Liabilities but before any other assets are considered • None of these

A company truck used solely to make deliveries is considered: • Current Asset • Fixed Asset • Either Current Asset or Fixed Asset • Neither Current Asset or Fixed Asset

Bookkeeping Basics: Understand the Fundamentals Section 7 Quiz – Lesson #07F – ANSWER KEY

Which of the following is considered a "Current Asset"? • Inventory Related Lesson Is 07B

Accounts Receivables are considered: • Current Assets Related Lesson Is 07B

This image, which can be printed on objects, is an example of a: • Trademark Related Lesson Is 07B

When organizing assets, the correct order starting from top to bottom is: • Cash; then Current Assets; then Fixed Assets Related Lesson Is 07B

Which of the following is an example of an Asset Shift? • Buying an ice cream maker for $200 Related Lesson Is 07C

If your company purchases computer parts with the understanding you will pay for it 15 days, that's an example of: • Accounts Payable Related Lesson Is 07D

True or False - When dealing with Equity accounts, Capital is where owner's investments are tracked; Reserves is where company profit or loss is tracked; and Draw is where owner's withdrawals are tracked. • True Related Lesson Is 07E

True or False - A company should NEVER track Capital and Reserve in the same account. • False Related Lesson Is 07E

According to the Fundamental Accounting Equation, the value of the Owner's Equity is what is left: • After all Liabilities have been paid Related Lesson Is 07E

A company truck used solely to make deliveries is considered: • Fixed Asset Related Lesson Is 07B