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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What is a transaction?
💡 Hint: Think about buying or selling something.
Question 2
Easy
Define an asset.
💡 Hint: What does the company own?
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What is defined as a financial activity between two parties?
- Transaction
- Account
- Revenue
💡 Hint: Think about buying or selling.
Question 2
True or False: Assets are resources owned by the business.
- True
- False
💡 Hint: Consider what a business has.
Solve 1 more question and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A company purchases equipment worth $5,000 and pays in cash. What entries are made in the journal?
💡 Hint: Remember the flow of money - what goes in, what goes out.
Question 2
A business had $20,000 in total assets and $5,000 in total liabilities. Calculate the owner's equity.
💡 Hint: Think of the accounting equation: Assets = Liabilities + Equity.
Challenge and get performance evaluation