
Accounting Cycle Quiz
Authored by Tiffany Kondracki
Mathematics
10th Grade
CCSS covered
Used 3+ times

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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the accounting cycle described as in the text?
A process to manage employees
A process to keep track of money
A process to organize inventory
A process to create budgets
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the final step in preparing an income statement?
List Revenue
Subtract Expenses
Calculate Profit
Compare Costs
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is subtracted in the statement of owner's equity?
Investments
Net Income
Withdrawals
Beginning Equity
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the effect of net income on the owner's equity?
It decreases the owner's equity
It increases the owner's equity
It has no effect on the owner's equity
It only affects the business's liabilities
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why is it called a balance sheet?
Because it lists all employees
Because everything has to balance
Because it shows only profits
Because it is updated daily
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are considered "assets" on a balance sheet?
Debts and obligations
Cash, equipment, and buildings
Loans and unpaid bills
Employee salaries
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What should the total assets equal on a balance sheet?
Total liabilities
Total owner's equity
Total liabilities plus equity
Total revenue
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