WorksheetsAccounting Mid-Term Exam Review
Total questions: 45
Worksheet time: 33mins
Name
Class
Date
1.
A business has total assets of $30,000.00. Then the business pays $1,000.00 on account, buys insurance coverage of $750.00, buys supplies for $1200.00, and pays $300.00 more on account. Total assets are now:
a)
$25,750
b)
$26,750
c)
$28.700
d)
none of the above
2.
Cash in increased by:
a)
withdrawals
b)
expenses
c)
revenue
d)
none of the above
3.
A record summarizing all the information pertaining to a single item in the accounting equation is:
a)
debit
b)
credit
c)
an account
d)
a T account
4.
The normal balance side of an asset account is the
a)
debit side
b)
credit side
c)
decrease side
d)
right side
5.
When a business pays for insurance, Prepaid Insurance is
a)
increased with a debit
b)
increased by a credit
c)
decreased by a debit
d)
decreased by a credit
6.
When cash is paid for rent, Rent Expense is
a)
increased by a debit
b)
increased by a credit
c)
decreased by a debit
d)
decreased by a credit
7.
The values of all things owned (assets) are on the accounting equation's
a)
left side
b)
right side
c)
credit side
d)
none of the above
8.
The normal balance side of any revenue account is
a)
debit side
b)
credit side
c)
left side
d)
none of the above
9.
The recording of debit and credit parts of a transaction is
a)
checking equality
b)
double-entry accounting
c)
single-entry accounting
d)
transaction analysis
10.
A business form ordering a bank to pay cash from a bank account is a
a)
check
b)
memorandum
c)
receipt
d)
all of the above
11.
On each journal page, the year is written _________.
a)
for each entry
b)
on the first line of each column
c)
only for the first entry
d)
none of the above
12.
When supplies are bought on account, the account debited is
a)
Cash
b)
Supplies
c)
Accounts Payable
d)
None of the above
13.
When cash is paid on account, the amount is recorded in the __________.
a)
Sales credit column and cash debit column
b)
General debit column and cash credit column
c)
General credit column and cash debit column
d)
General debit column and accounts payable debit column
14.
When cash is paid for utilities, the amount is recorded in the
a)
cash credit column and general debit column
b)
Sales credit column and general debit column
c)
General credit column and cash debit column
d)
General credit column and sales credit column
15.
A new account to be added between accounts 530 and 540 will be assigned the number
a)
531
b)
535
c)
537
d)
539
16.
A new account to be added between accounts 530 and 540 will be assigned the number
a)
531
b)
535
c)
537
d)
539
17.
The procedure for transferring information from a journal entry to a ledger account is:
a)
posting
b)
journalizing
c)
file maintenance
d)
none of the above
18.
The first step in the posting procedure is writing
a)
the entry date in the Date column of the account
b)
the journal page number in the Post Ref. column of the account
c)
the entry amount in the debit or credit column of the account
d)
none of the above
19.
When cash is paid for utilities, the amount is recorded in the
a)
Cash credit column and general debit column
b)
Sales credit column and General debit column
c)
General credit column and cash debit column
d)
General credit column and sales credit column
20.
When supplies are bought on account, the account debited is
a)
Cash
b)
Supplies
c)
Accounts Payable
d)
None of the above
21.
When cash is paid on account, the amount is recorded in the
a)
Sales credit column and cash debit column
b)
General Debit column and Cash Credit column
c)
General credit column and Cash Debit column
d)
General Debit column and Accounts Payable Debit column
22.
Each time cash or checks are placed in a bank account, the customer prepares a
a)
Signature card
b)
deposit slip
c)
check
d)
none of the above
23.
A signature or stamp on the back of a check transferring ownership is:
a)
a signature card
b)
a deposit slip
c)
an endorsement
d)
none of the above
24.
If a check is endorsed on the back with the words "For deposit Only" the check can be cashed by
a)
anyone who has the check
b)
the person whose name follows "Pay to the order of"
c)
Only the person who signed the check
d)
no one--it must be deposited
25.
A business has total cash of $30,000 on account, buys insurance coverage of $750, buys supplies for $1200, and pays $300 more on account. The balance of the cash account is now:
a)
$25,750
b)
$26,750
c)
$28,700
d)
none of the above
26.
The normal balance side of any expense account is:
a)
debit side
b)
credit side
c)
right side
d)
none of the above
27.
A check must be signed with
a)
the same signature that is on the signature card
b)
only the first and last name
the totals are not posted
the totals are not posted
c)
a restrictive endorsement
the column totals are equal
the column totals are equal
d)
black ink
all of the above
all of the above
28.
When an owner invests cash in a business, the owner’s capital account is
a)
Increased by a debit
b)
Increased by a credit
c)
Decreased by a debit
d)
Decreased by a credit
29.
How do ethical employees treat other people?
a)
Any way that is not against the rules
b)
Any way that is legal
c)
The way the boss treats them
d)
The way they want to be treated
30.
Business ethics involve considering issues about what is
a)
safe and unsafe
b)
legal and illegal
c)
right and wrong
d)
positive and negative.
31.
In general, people judge your integrity on the basis of your
a)
Appearance
b)
Behavior
c)
Education
d)
Occupation
32.
Dedication to your company's goals is an indication of:
a)
Empathy
b)
honesty
c)
loyalty
d)
initiative
33.
Initiative is important to workers in all types of occupations. Which of the following best demonstrates initiative:
a)
An employee agrees to finish a sales report one week ahead of schedule at the request of the office supervisor.
b)
An employee persuades a fellow worker to help in the completion of an office project
c)
An employee works required overtime hours to complete a necessary job
d)
An employee completes a required sales report and then decides to reorganize files without being asked
34.
The shipping terms that the SSL Company negotiated with a vendor are 3/10, n/30 on a purchase order made August 18. Calculate the discounted amount SSL would owe for an order of $386.69 if it pays by August 25.
a)
$375.09
b)
$379.03
c)
$366.06
d)
$369.09
35.
Calculate the amount charged to a hotel guest’s credit card using the following information: A four-night stay at a room rate of $128 per night and a 14.5% sales-tax rate.
a)
$582.24
b)
$594.42
c)
$598.42
d)
$586.24
36.
Calculate the total owed for the following sales transaction that has a sales-tax rate of 7.25%: 3 picture frames for $22.59 each; 8 boxes of light bulbs for $8.50 per box; 4 gallons of paint for $38.79 per gallon; 2 paint brushes for $9.35 each; and 1 light fixture for $167.49.
a)
$527.12
b)
$511.71
c)
$515.27
d)
$521.71
37.
Tonya’s grandmother loaned her $2,000 to help make the down payment on a used car. Tonya agreed to pay 5% simple interest on the loan and would repay the loan in 24 months. What is the total amount of interest Tonya will pay for the loan?
a)
$150
b)
$200
c)
$100
d)
$50
38.
Mr. Jones spent $86.20 for two dozen roses to give to his wife. Calculate the cost per rose.
a)
$4.67
b)
$3.59
c)
$3.89
d)
$4.02
39.
A business owned by a number of shareholders and operated under written permission from the state is known as a
a)
Sole proprietorship
b)
Partnership
c)
Cooperative
d)
Corporation
40.
Owners of stock are called
a)
Shareholders
b)
Board Members
c)
Articles of incorporation
d)
Partners
41.
Full responsibility for your company’s debts is known as
a)
Stock
b)
Limited liability
c)
Unlimited liability
d)
taxes
42.
A sole proprietorship is a business owned by
a)
Two or more people
b)
Shareholders
c)
One person
d)
The state of incorporation
43.
An employee who is able to work efficiently and effectively with little or no supervision is displaying
a)
Initiative
b)
Loyalty
c)
empathy.
d)
apathy.
44.
Collateral is
a)
something pledged as security for repayment of a loan, to be forfeited in the event of a default
b)
Down payment for a loan
c)
What you plan to pay back during the course of the loan
d)
The name given to someone who takes out a loan at a bank or preferred lender
45.
Suppose you take out a loan for a house for $125,000 at an interest rate of 4.50 for 20 years. What is your total amount that you will pay back (principle + interest).
a)
$237,500
b)
$112,500
c)
$5,625
d)
$125,000
100 %
