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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

Petty Cash

Accounts Receivable--Patty Kim

Accounts Payable--Elena Charles

Elena Charles, Drawing

Prepaid Insurance

Accounts Payable--Letitia Charles

Accounts Payable--Aaron Smith

Equipment

Supplies

Cash

Elena Charles, Capital

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.

Net Worth Statement

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

Transaction

Anything of value owned.

Accounting

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

Accounting Equation

Planning, recording, analyzing, and interpreting financial information.

Asset

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

4.

MATCH QUESTION

1 min • 5 pts

Match the following

Expense

Standards and rules that accounts must follow.

Revenue

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

GAAP

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

Account Balance

The name given to an account.

Account Title

The amount in 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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