Accounting Assessment Test
1. Which one is not an asset?
- A building rented for use by the business
- A sum of money owed to the business
- An inventory of goods yet to be sold
2. Which one of the following represents a correct accounting equation?
- Assets - liabilities = Equity
- Liabilities - Equity = Assets
- Liabilities + Equity = Assets
3. Which one of the following can be considered as fixed assets that are used in a business?
4. A financial document that shows the success or failure of a business is called:
- An Income Statement
- A Balance Sheet
- A Cash Flow Statement