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Tracking Assets and Sales Exam ( Question & Answers 2025).docx
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Tracking Assets and Sales Exam ( Question & Answers 2025).docx
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Tracking Assets and Sales Exam ( Question& Answers 2025)
To increase an asset you would?
A. Credit
B. Debit - Correct Answers ✅✅B. Debit
To decrease an asset you would?
A. Credit
B. Debit - Correct Answers ✅✅A. Credit
What financial transactions affect your assets?
A. Sales transactions
B. Vendor invoices
C. Inventory
D. Credit card bills
E. Depreciation
F. Liabilities - Correct Answers ✅✅A. Sales transactions
C. Inventory
E. Depreciation
,Tracking Assets and Sales Exam ( Question
& Answers 2025)
In which statement would you find assets listed?
A. Profit and loss statement
B. Statement of cash flows
C. Income statement
D. Balacne Sheet - Correct Answers ✅✅D. Balacne Sheet
Assets, liabilities, and equity are all components of the balance sheet.
What is the purpose of the balance sheet?
A. Report the financial position of the business
B. Monitor incoming and outgoing money
C. Report business performance
D. Track the value of the business - Correct Answers ✅✅A. Report
the financial position of the business
Priya, the owner of an antique store needs to know how her business is
doing and how she can improve the performance.
Which statement should Priya be looking at to know how she can
improve the performance of her business?
,Tracking Assets and Sales Exam ( Question
& Answers 2025)
A. Balance statement
B. Cash flow statement
C. Income statement (P&L) - Correct Answers ✅✅C. Income
statement (P&L)
The income statement (P&L) will help her know how the business can
improve performance.
The owner of a sporting supply store wants to make sure they are
tracking all their assets.
Which of the following items at the sporting supply store would be an
asset? Select all that apply.
A. Hockey sticks
B. Mini ice rink for testing skates and pucks
C. The contract with the hockey equipment bag supplier
D. The owner's deposit of $60,000 to get things up and running
E. Ice skates in inventory - Correct Answers ✅✅A. Hockey sticks
B. Mini ice rink for testing skates and pucks
E. Ice skates in inventory
, Tracking Assets and Sales Exam ( Question
& Answers 2025)
Assets are anything the business owns or offers for sale: hockey sticks,
mini ice rink, and ice skates.
If you want to answer the client's question about an asset, which
financial statement would you refer to?
A. Income statement
B. Balance sheet
C. Statement cash flows
D. Profit and loss statement - Correct Answers ✅✅B. Balance sheet
The balance sheet contains information about assets, liabilities, and
equity.
Assets have a _________ debit balance, meaning we expect to find the
balance of that account on the debit side. Select the best answer to fill
in the blank.
A. Stable
B. Irregular
C. Accountability
D. Normal - Correct Answers ✅✅D. Normal
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