So, you want to learn Bookkeeping! Merlin's Basic Accounting Quiz by Bean Counter's Dave Marshall Copyright ©-2007 Bean Counter

1. Which of the following is a nominal or temporary account ? (a)    Cash (b)    Accounts Payable (c)    Owner's Capital (d)    Sales 2. A business type of organization made up of many owners called shareholders is a - (a)    Partnership (b)    Sole Proprietorship (c)    Corporation (d)    None of the listed answers is correct 3. Properties used in the operation or investment activities of a business are called - (a)    Assets (b)    Liabilities (c)    Owner's Equity (d)    Revenues 4. Claims to the property (assets) of a business by creditors are called - (a)    Assets (b)    Liabilities (c)    Owner's Equity (d)    Expenses 5. The owners claims or rights to the property (assets) of a business are called - (a)    Assets (b)    Liabilities (c)    Owner's Equity (d)    Revenues