Accounting Quiz

Accounting Quiz

by Dr IMU

Multiple Choice

The financial statement that reports the revenues and expenses for a period of time such as a year or a month is the:

• Balance Sheet

• Income Statement

• Statement of Cash Flows

• None of These

Multiple Choice

The financial statement that reports the assets, liabilities, and stockholders' (owner's) equity at a specific date is the:

• Balance Sheet
• Income Statement
• Statement of Cash Flows
• Cash Statement

Multiple Choice

Under the accrual basis of accounting, revenues are reported in the accounting period when the:

• Cash is Received
• Service or Goods Have Been Delivered
• End of the Month Has Arrived
• Customer Pays

Multiple Choice

Resources owned by a company (such as cash, accounts receivable, vehicles) are reported on the balance sheet and are referred to as __________.

• Assets
• Liabilities
• Owner Equity
• Equity

Multiple Choice

Assets are usually reported on the balance sheet at which amount?

• Cost
• Current Market Value
• Expected Selling Price
• None of These

Multiple Choice

Obligations (amounts owed) are reported on the balance sheet and are referred to as __________.

• Assets
• Liabilities
• Debt
• Owner Equity

Multiple Choice

Liabilities often have the word __________ in their account title.

• Assets
• Payable
• Paid
• Equity

Multiple Choice

Unearned Revenues is what type of account?

• Asset
• Liability
• Stockholders' Equity

Multiple Choice

Accounting entries involve a minimum of how many accounts?

• One
• Two
• Three
• Four

Multiple Choice

The listing of all of the accounts available for use in a company's accounting system is known as the __________.

• Chart of Accounts
• Journal
• Ledger
• Credit Ledger

Multiple Choice

Which term is associated with "left" or "left-side"?

• Debit
• Credit
• Plus
• Minus

Multiple Choice

Which term is associated with "right" or "right-side"?

• Debit
• Credit
• Plus
• Minus

Multiple Choice

When cash is received, the account Cash will be

• Debited
• Credited

Multiple Choice

When a company pays a bill, the account Cash will be

• Debited
• Credited

Multiple Choice

What will usually cause an asset account to increase?

• Debit
• Credit

Multiple Choice

What will usually cause the liability account Accounts Payable to increase?

• Debit
• Credit

Multiple Choice

Entries to expenses such as Rent Expense are usually

• Debits
• Credits

Multiple Choice

Entries to revenues accounts such as Service Revenues are usually

• Debits
• Credits

Multiple Choice

Under the accrual basis of accounting, expenses are reported in the accounting period when the

• Cash is Paid
• Expense Matches the Revenues or is Used up

Multiple Choice

Revenues minus expenses equals:

• Assets

• Liabilities

• Owner Equity

• Net Income