Accounting Assessment Test

Sample Questions

1. Which one is not an asset?

  1. A building rented for use by the business
  2. A sum of money owed to the business
  3. An inventory of goods yet to be sold

2. Which one of the following represents a correct accounting equation?

  1. Assets - liabilities = Equity
  2. Liabilities - Equity = Assets
  3. Liabilities + Equity = Assets

3. Which one of the following can be considered as fixed assets that are used in a business?

  1. Inventory
  2. Plant
  3. Equipment

4. A financial document that shows the success or failure of a business is called:

  1. An Income Statement
  2. A Balance Sheet
  3. A Cash Flow Statement