Accounting Self-Assessment Quiz

Name:_________________________ Period:____ Date:_________ Glencoe Accounting (First-Year Course) Chapter 3, Section 1

1.	Property and financial claims are measured in
		the number of assets
		the credit available
		dollar amounts
		liabilities only

2.	When you buy property and agree to pay for it later, you are buying on
		equity
		property rights
		credit
		your good looks

3.	If the creditor`s financial claim to property totals $1,000 and the owner`s financial claim to property totals $11,000 , the property value is
		$10,000
		$11,000
		$12,000
		$1,000

4.	Assets that are not intended to be converted to cash or to be used in the normal operations of the business in the next accounting period are called
		financial claims
		investments
		equity
		controlling interest

5.	Anything of value that is owned or controlled is called
		equity
		property
		legal entity
		investment

6.	The accounting term for the financial claims to assets is
		credit
		investments
		property rights
		equity

7.	The word equities refers to claims against the assets of a business by
		both creditors and owners
		creditors only
		owners only
		customers only

8.	The accounting equation is
		assets + liabilities = owners equity
		assets + owners equity = liabilities
		property + property rights = financial claims
		assets = liabilities + owners equity