Accounting Drills: Balance Sheet
Authored by Darlene Watkins
Life Skills
10th Grade - Professional Development
Used 82+ times
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21 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Another name for the balance sheet is
Statement of Operations
Statement of Financial Position
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The balance sheet heading will specify a
Period of Time
Point in Time
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a category or element of the balance sheet?
Expenses
Gains
Liabilities
Losses
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an asset account?
Accounts Payable
Prepaid Insurance
Unearned Revenue
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a contra-account?
Accumulated Depreciation
Mary Smith, Capital
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the normal balance for an asset account?
Debit
Credit
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the normal balance for liability accounts?
Debit
Credit
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