Accounting Basics Quiz

Resources owned by a company (such as cash, accounts receivable, vehicles) are reported on the balance sheet and are referred to as ________________________.

• Liabilities

• Assets

• Equity

• Revenue

Assets are usually reported on the balance sheet at which amount?

• Cost

• Current market value

• Expected selling price

Obligations (amounts owed) are reported on the balance sheet and are referred to as ________________________.

• Assets

• Liabilities

• Equity

• Revenue

Unearned Revenues is what type of account?

• Asset

• Liability

• Stockholders’ (owner’s) equity

The listing of all of the accounts available for use in a company’s accounting system is known as the ____________________________.

• Chart of Accounts

• General Ledger

• Trial Balance

• Account Statement

Which term is associated with “right” or “right side”?

• Debit

• Credit

When a company pays a bill, the account Cash will be _____________.

• debited

• credited

A company that has received cash in advance for services has a(n) ____.

• Asset

• Liability

• Equity

• Revenue

What is the term for an entry on the right side of an account?

• Credit

• Debit

• Liability

• Asset

When an account is increased on the left side, it is said to be ____.

• Credited

• Debited

• Balanced

• Adjusted