Quiz about Accounting Terms - Chapter 1

Question 1

Classify: Cash

Accepted Answer

Asset

Answer

Liability

Answer

Equity

Question 2

Classify: Salaries Payable

Accepted Answer

Liability

Answer

Asset

Answer

Equity

Question 3

Classify: Accounts Payable

Accepted Answer

Liability

Answer

Asset

Answer

Equity

Question 4

Classify: Service Revenues

Accepted Answer

Equity

Answer

Asset

Answer

Liability

Question 5

Classify: Insurance Expense

Accepted Answer

Equity

Answer

Asset

Answer

Liability

Question 6

Classify: Prepaid Insurance

Accepted Answer

Asset

Answer

Liability

Answer

Equity

Question 7

Classify: Dividends

Accepted Answer

Equity

Answer

Asset

Answer

Liability

Question 8

Classify: Supplies

Accepted Answer

Asset

Answer

Liability

Answer

Equity

Question 9

Classify: Computers

Accepted Answer

Asset

Answer

Liability

Answer

Equity

Question 10

Classify: Interest Expense

Accepted Answer

Equity

Answer

Asset

Answer

Liability

Question 11

Classify: Common Stock

Accepted Answer

Equity

Answer

Asset

Answer

Liability

Question 12

Classify: Accounts Receivable

Accepted Answer

Asset

Answer

Liability

Answer

Equity

Question 13

Classify: Deferred/Unearned Revenues

Accepted Answer

Liability

Answer

Asset

Answer

Equity

Question 14

Classify: Retained Earnings

Accepted Answer

Equity

Answer

Asset

Answer

Liability

Question 15

Classify: Advertising Expense

Accepted Answer

Equity

Answer

Asset

Answer

Liability

Question 16

Classify: Equipment

Accepted Answer

Asset

Answer

Liability

Answer

Equity

Question 17

Classify: Notes Payable

Accepted Answer

Liability

Answer

Asset

Answer

Equity

Question 18

Revenues and expenses are always classified as:

Accepted Answer

Equity

Answer

Assets

Answer

Liabilities

Question 19

Payables are always classified as:

Accepted Answer

Liabilities

Answer

Assets

Answer

Equity

Question 20

Which financial statement will the following appear on?

Cash

Accepted Answer

Balance Sheet

(B/S)

Answer

Income Statement (I/S)

Answer

Statement of Retained Earnings

(R/E)

Question 21

Which financial statement will the following appear on?

Salaries Payable

Accepted Answer

Balance Sheet

(B/S)

Answer

Income Statement (I/S)

Answer

Statement of Retained Earnings

(R/E)

Question 22

Which financial statement will the following appear on?

Accounts Payable

Accepted Answer

Balance Sheet

(B/S)

Answer

Income Statement (I/S)

Answer

Statement of Retained Earnings

(R/E)

Question 23

Which financial statement will the following appear on?

Service Revenues

Accepted Answer

Income Statement (I/S)

Answer

Balance Sheet

(B/S)

Answer

Statement of Retained Earnings

(R/E)

Question 24

Which financial statement will the following appear on?

Insurance Expense

Accepted Answer

Income Statement (I/S)

Answer

Balance Sheet

(B/S)

Answer

Statement of Retained Earnings

(R/E)

Question 25

Which financial statement will the following appear on?

Prepaid Insurance

Accepted Answer

Balance Sheet

(B/S)

Answer

Income Statement (I/S)

Answer

Statement of Retained Earnings

(R/E)

Question 26

Which financial statement will the following appear on?

Dividends

Accepted Answer

Statement of Retained Earnings

(R/E)

Answer

Income Statement (I/S)

Answer

Balance Sheet

(B/S)

Question 27

Which financial statement will the following appear on?

Supplies

Accepted Answer

Balance Sheet

(B/S)

Answer

Income Statement (I/S)

Answer

Statement of Retained Earnings

(R/E)

Question 28

Which financial statement will the following appear on?

Computers

Accepted Answer

Balance Sheet

(B/S)

Answer

Income Statement (I/S)

Answer

Statement of Retained Earnings

(R/E)

Question 29

Which financial statement will the following appear on?

Interest Expense

Accepted Answer

Income Statement (I/S)

Answer

Balance Sheet

(B/S)

Answer

Statement of Retained Earnings

(R/E)

Question 30

Which financial statement will the following appear on?

Common Stock

Accepted Answer

Balance Sheet

(B/S)

Answer

Income Statement (I/S)

Answer

Statement of Retained Earnings

(R/E)

Question 31

Which financial statement will the following appear on?

Accounts Receivable

Accepted Answer

Balance Sheet

(B/S)

Answer

Income Statement (I/S)

Answer

Statement of Retained Earnings

(R/E)

Question 32

Which financial statement will the following appear on?

Deferred/Unearned Revenues

Accepted Answer

Balance Sheet

(B/S)

Answer

Income Statement (I/S)

Answer

Statement of Retained Earnings

(R/E)

Question 33

Which financial statement will the following appear on?

Advertising Expense

Accepted Answer

Income Statement (I/S)

Answer

Balance Sheet

(B/S)

Answer

Statement of Retained Earnings

(R/E)

Question 34

Which financial statement will the following appear on?

Equipment

Accepted Answer

Balance Sheet

(B/S)

Answer

Income Statement (I/S)

Answer

Statement of Retained Earnings

(R/E)

Question 35

Which financial statement will the following appear on?

Notes Payable

Accepted Answer

Balance Sheet

(B/S)

Answer

Income Statement (I/S)

Answer

Statement of Retained Earnings

(R/E)

Question 36

Which financial statement will the following appear on?

Retained Earnings

Accepted Answer

Balance Sheet

(B/S)

Accepted Answer

Statement of Retained Earnings

(R/E)

Answer

Income Statement (I/S)

Question 37

Which two account types go on the Balance Sheet (B/S)?

Accepted Answer

Assets

Accepted Answer

Liabilities

Answer

Equity

Question 38

Which of the following always goes on the Income Statement (I/S)?

Accepted Answer

Expense

Answer

Liabilities

Answer

Equity

Answer

Revenues

Question 39

Provides information for external decision makers

Accepted Answer

Financial Accounting

Answer

Managerial Accounting

Answer

Auditing

Question 40

Provides information for internal decision makers

Accepted Answer

Managerial Accounting

Answer

Financial Accounting

Answer

Auditing

Question 41

Private organization that oversees creation and governance of accounting standards in U.S.

Accepted Answer

FASB

Answer

SEC

Answer

GAAP

Answer

IFRS

Question 42

Governmental agency that oversees the U.S. financial markets

Accepted Answer

SEC

Answer

FASB

Answer

GAAP

Answer

IFRS

Question 43

Accounting guidelines in the U.S.

Accepted Answer

GAAP

Answer

FASB

Answer

IASB

Answer

IFRS

Question 44

Set of global accounting guidelines

Accepted Answer

IFRS

Answer

FASB

Answer

IASB

Answer

GAAP

Question 45

Publishes the International Financial Reporting Standards

Accepted Answer

IASB

Answer

FASB

Answer

GAAP

Answer

IFRS

Question 46

An economic resource that is expected to benefit the business in the future

Accepted Answer

Asset

Answer

Liability

Answer

Equity

Question 47

Debt that is owed to creditors

Accepted Answer

Liability

Answer

Asset

Answer

Equity

Question 48

Debt that is owed to creditors

Accepted Answer

Liability

Answer

Asset

Answer

Equity

Question 49

Owner's claim to the assets of the business

Accepted Answer

Equity

Answer

Asset

Answer

Liability

Question 50

Provides information about profitability for a particular period for the company

Accepted Answer

Income Statement

(I/S)

Answer

Statement of Retained Earnings (R/E)

Answer

Balance Sheet

(B/S)

Answer

Statement of Cash Flows

Question 51

Reports the net income or net loss of the business for a specific period

Accepted Answer

Income Statement

(I/S)

Answer

Statement of Retained Earnings (R/E)

Answer

Balance Sheet

(B/S)

Answer

Statement of Cash Flows

Question 52

Includes revenues and expenses

Accepted Answer

Income Statement

(I/S)

Answer

Statement of Retained Earnings (R/E)

Answer

Balance Sheet

(B/S)

Answer

Statement of Cash Flows

Question 53

Informs users about how much of the earnings were kept and reinvested in the company

Accepted Answer

Statement of Retained Earnings (R/E)

Answer

Income Statement

(I/S)

Answer

Balance Sheet

(B/S)

Answer

Statement of Cash Flows

Question 54

Reports how the company's retained earnings balance changed from the beginning to the end of the period.

Accepted Answer

Statement of Retained Earnings (R/E)

Answer

Income Statement

(I/S)

Answer

Balance Sheet

(B/S)

Answer

Statement of Cash Flows

Question 55

Includes retained earnings, net income, and dividends for a period.

Accepted Answer

Statement of Retained Earnings (R/E)

Answer

Income Statement

(I/S)

Answer

Balance Sheet

(B/S)

Answer

Statement of Cash Flows

Question 56

Provides valuable information to financial statement users about economic resources the company has (assets) as well as debts that the company owes (liabilities) and allows decision makers to determine their opinion about the financial position of the company

Accepted Answer

Balance Sheet

(B/S)

Answer

Income Statement

(I/S)

Answer

Statement of Retained Earnings (R/E)

Answer

Statement of Cash Flows

Question 57

Reports on the assets, liabilities, and stockholders' equity of the business as of a specific date

Accepted Answer

Balance Sheet

(B/S)

Answer

Income Statement

(I/S)

Answer

Statement of Retained Earnings (R/E)

Answer

Statement of Cash Flows

Question 58

The only financial report that reports on a specific date instead of a period

Accepted Answer

Balance Sheet

(B/S)

Answer

Income Statement

(I/S)

Answer

Statement of Retained Earnings (R/E)

Answer

Statement of Cash Flows

Question 59

Includes common stock, retained earnings (net income), total stockholders' equity, and dividends

Accepted Answer

Balance Sheet

(B/S)

Answer

Income Statement

(I/S)

Answer

Statement of Retained Earnings (R/E)

Answer

Statement of Cash Flows

Question 60

Reports on a business's cash receipts and cash payments for a period of time

Accepted Answer

Statement of Cash Flows

Answer

Income Statement

(I/S)

Answer

Statement of Retained Earnings (R/E)

Answer

Balance Sheet

(B/S)

Accounting Terms - Chapter 1

65 questions

Classify: Cash

Classify: Salaries Payable

Classify: Accounts Payable

Classify: Service Revenues

Classify: Insurance Expense

Classify: Prepaid Insurance

Classify: Dividends

Classify: Supplies

Classify: Computers

Classify: Interest Expense

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