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WorksheetsAccounting Fall Review
Total questions: 55
Worksheet time: 28mins
Name
Class
Date
1.
A list of accounts used by a business
a)
Chart of Accounts
b)
List of Accounts
c)
Accounting System
d)
Balance Sheet
2.
A financial statement that reports assets, liab, and OE on a specific date
a)
Balance Sheet
b)
Income Statement
c)
Trial Balance
d)
Post-closing trial balance
3.
A person or business to whom a liability is owed
a)
Creditor
b)
Debtor
c)
Client
d)
Salesman
4.
Transferring information from a journal entry to a ledger account
a)
Posting
b)
Journalizing
c)
Worksheet
d)
Accounting System
5.
A proof of the equality of debits and credits in a general ledger
a)
Trial Balance
b)
Chart of Accounts
c)
Posting
d)
Accounting System
6.
An increase in equity resulting from the sale of services
a)
Revenue
b)
Expenses
c)
Capital
d)
Assets
7.
A planned process designed to compile financial data and summarize the results in accounting
a)
Accounting system
b)
Worksheet
c)
Balance Sheet
d)
Income Statment
8.
Accounts used to accumulate information until it is transferred to the owner's capital account
a)
Temporary Accounts
b)
Permanent Accounts
c)
Assets
d)
Liabilties
9.
Accounts used to accumulate information from one fiscal period to the next
a)
Permanent Accounts
b)
Temporary Accounts
c)
Assets
d)
Liabilties
10.
Journal entries used to prepare temporary accounts for a new fiscal period
a)
Closing Entries
b)
Adjusting Entries
11.
The cost of services used to operate a business
a)
Expense
b)
Withdrawals
c)
Liabilties
d)
Revenue
12.
Reporting income when earned and expenses when incurred
a)
Accrual Basis of Accounting
b)
Consistent Reporting
13.
A financial statement showing the revenue and expenses for a fiscal period
a)
Income Statement
b)
Balance Sheet
c)
Worksheet
d)
Journal
14.
Journal entries recorded to update general ledger accounts at the end of a fiscal period
a)
Adjusting Entries
b)
Closing Entries
15.
Asset Accounts
a)
Cash, Supplies, Acct Receivable
b)
Cash, Supplies, Acct Payable
c)
Cash, Prepaid Insurance, Capital
d)
Cash, Prepaid Insurance, Expense
16.
Liability Account
a)
Accounts Payable
b)
Capital
c)
Expense
d)
Accounts Receivable
17.
Expenses increase Capital
a)
True
b)
False
18.
Sales Increases Capital
a)
True
b)
False
19.
Owner Withdrawals decrease Capital
a)
True
b)
False
20.
Owner investments decrease Capital
a)
True
b)
False
21.
The Normal Balance side of an account decreases the account balance
a)
True
b)
False
22.
In the Chart of Accounts,
Assets are...
Assets are...
a)
100s
b)
200s
c)
300s
d)
400s
23.
In the Chart of Accounts,
Liabilities are...
Liabilities are...
a)
100s
b)
200s
c)
400s
d)
500s
24.
In the Chart of Accounts,
Revenue is...
Revenue is...
a)
200s
b)
300s
c)
400s
d)
500s
25.
In the Chart of Accounts,
Capital is...
Capital is...
a)
200s
b)
300s
c)
400s
d)
500s
26.
In the Chart of Accounts,
Expenses are...
Expenses are...
a)
100s
b)
300s
c)
500s
d)
200s
27.
A transaction recorded in a journal is a:
a)
Permanent Record
b)
Temporary Record
28.
Assets taken out of a business for the owner's personal use are called:
a)
Withdrawals
b)
Investments
29.
What is the source document for an EFT?
a)
Memorandum
b)
Receipt
c)
Invoice
d)
Check
30.
What is the first step in posting to a ledger?
a)
Write the date in the ledger
b)
Write the post ref in the ledger
c)
Write the debit/credit amount
d)
Write the account number in the journal
31.
Received cash from the owner as an investment
a)
Debit Cash, Credit Capital
b)
Debit Capital, Credit Cash
32.
Paid cash to establish petty cash fund
a)
Debit Cash, Credit Petty Cash
b)
Debit Petty Cash, Credit Cash
33.
Bought Supplies
a)
Debit Supplies, Credit Cash
b)
Debit Cash, Credit Supplies
34.
Paid cash for insurance
a)
Debit Prepaid Insurance, Credit Cash
b)
Debit Cash, Credit Prepaid Insurance
35.
Bought supplies on account
a)
Debit Supplies, Credit Acct Payable
b)
Debit Acct Payable, Credit Supplies
36.
Sold Services on Account
a)
Debit Acct Receivable, Credit Sales
b)
Debit Sales, Credit Acct Receivable
37.
Paid cash for Advertising
a)
Debit Adv. Exp, Credit Cash
b)
Debit Cash, Credit Adv. Exp
38.
Paid cash of postage
a)
Debit Misc. Exp, Credit Cash
b)
Debit Cash, Credit Misc. Exp.
39.
Paid Cash on Account
a)
Debit Acct. Payable, Credit Cash
b)
Debit Cash, Credit Acct. Payable
40.
Received cash on account
a)
Debit Cash, Credit Acct Receivable
b)
Debit Acct Receivable, Credit Cash
41.
Paid cash to owner for personal use
a)
Debit Drawing, Credit Cash
b)
Debit Cash, Credit Drawing
42.
Recorded bank service charge
a)
Debit Misc. Exp, Credit Cash
b)
Debit Cash, Credit Misc. Exp.
43.
Received notice from the bank of a dishonored check plus fee
a)
Debit Acct Receivable, Credit Cash
b)
Debit Cash, Credit Acct. Receivable
44.
Received cash from sales
a)
Debit Cash, Credit Sales
b)
Debit Sales, Credit Cash
45.
Paid Cash to replenish petty cash for supplies, misc exp and cash short
a)
Debit Supplies, Misc. Exp, Cash Short/Over, Credit Cash
b)
Debit Cash, Debit Supplies, Misc. Exp, Cash Short/Over
46.
If an error is recorded in a journal entry
a)
Draw a neat line and write correct item
b)
Erase and start over
47.
Income Summary is a
a)
Asset
b)
Liability
c)
Temporary
d)
Permanent
48.
Owner's Drawing is extended to what column of the worksheet
a)
Income Statement Debit
b)
Income Statement Credit
c)
Balance Sheet Debit
d)
Balance Sheet Credit
49.
What column of the worksheet is revenue found?
a)
Income Statement Debit
b)
Income Statement Credit
c)
Balance Sheet Debit
d)
Balance Sheet Credit
50.
Journal Entry to close Income Summary with a Net Income
a)
Debit Income Summary, Credit Capital
b)
Debit Capital Credit Income Summary
51.
Formula for calculating Net Income Ratio
a)
Net Income /Sales
b)
Sales/Net Income
52.
Normal Balance of an expense
a)
Debit
b)
Credit
53.
Drawing is a...
a)
Permanent Account
b)
Temporary Account
54.
Formula for calculating net income
a)
Revenue - Expenses
b)
Expenses - Revenue
55.
Adjusting entries do not have to be posted to the ledger
a)
True
b)
False
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