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Accounting I Chapter 1 EXAM SPRING 2024

Authored by Elena Charles

Business

9th - 12th Grade

Used 4+ times

Accounting I Chapter 1 EXAM SPRING 2024
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40 questions

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1.

CATEGORIZE QUESTION

3 mins • 11 pts

Classify these accounts.

Groups:

(a) Assets

,

(b) Liabilities

,

(c) Owner's Equity

Accounts Payable--Elena Charles

Prepaid Insurance

Accounts Payable--Letitia Charles

Supplies

Accounts Payable--Aaron Smith

Petty Cash

Cash

Elena Charles, Capital

Equipment

Accounts Receivable--Patty Kim

Elena Charles, Drawing

2.

DRAG AND DROP QUESTION

1 min • 2 pts

Sam Smith owns a business called Sudsy Car Wash. Sam invested $25,000 in the business on July 1, 2024. What are the names of the accounts that are affected i​n this transaction?​ (a)   ​ (b)   ​ ​

Sam Smith, Drawing
Accounts Payable--Sam Smith
Cash
Sam Smith, Capital
Accounts Receivable--Sam Smith

3.

MATCH QUESTION

1 min • 5 pts

Match the following terms with the correct definitions.

Asset

An equation that shows the relationship among assets, liabilities, and owner's equity.

Accounting Equation

A formal report that shows what an individual owes, owns and the difference between the two.

Net Worth Statement

Anything of value owned.

Transaction

A business activity that changes assets, liabilities, or owner's equity

Accounting

Planning, recording, analyzing, and interpreting financial information.

4.

MATCH QUESTION

1 min • 5 pts

Match the following

Expense

The amount in an account.

Account Balance

A decrease in owner’s equity resulting from the operation of a business.

GAAP

Standards and rules that accounts must follow.

Revenue

An increase in owner’s equity resulting from the operation of a business.

Account Title

The name given to an account.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Financial rights to the assets of a business.

equities

liabilities

withdrawals

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The difference between assets and liabilities.

equity

expenses

revenue

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An amount owed by a business.

Liability

Revenue

Asset

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