WorksheetsSession 1 - Ice-breaker Quiz
Total questions: 20
Worksheet time: 12mins
Name
Class
Date
1.
What is the language of business?
a)
Money
b)
Ethics
c)
Management
d)
Accounting
2.
The resources owned by a business are called
a)
assets
b)
liabilities
c)
the accounting equation
d)
capital
3.
What does Revenue minus Expenses equal?
a)
Owner's Equity
b)
Amount of Assets
c)
Debt Ratio
d)
Net Income
4.
What is the recording of debit and credit parts of a transaction?
a)
Journalizing
b)
Entry
c)
Double-Entry Accounting
d)
General Journal
5.
Which of the following shows summary of a company's financial position at a specific date?
a)
Profit & Loss Account
b)
Balance Sheet
c)
Cash Flow Statement
d)
Statement of Changes in Equity
6.
The income statement shows
a)
Assets and liabilities
b)
Revenue and expenses
c)
Withdrawals and assets
d)
Assets, liabilities and owners equity
7.
In accounting, expenses refer to
a)
The money from selling goods and services
b)
Cash you invest in the business
c)
Costs of running the business
d)
The outgoings relating specifically to vehicles
8.
Owners Equity is
a)
What the owner owes
b)
What the owner has in the company
c)
What the owner borrows from the business
d)
What the owner wants for the company
9.
The cost of selling a product is
a)
Revenue
b)
Cost of Goods Sold
c)
Cash
d)
Owner's Equity
10.
An example of business liability is
a)
Land
b)
Building
c)
Accounts receivable
d)
Accrued expenses
11.
All of the following are assets except
a)
Accounts Receivable
b)
Buildings
c)
Supplies expense
d)
Cash
12.
What two types of accounts are on an income statement?
a)
Revenue & Expenses
b)
Assets & Liabilities
c)
Capital & Withdrawals
d)
Net Income & Capital
13.
A debit may signify
a)
a decrease in an asset account
b)
an increase in an asset account
c)
an increase in a liability account
d)
an increase in the owner's capital account
14.
A potential liability that depends on a future event is known as
a)
Accrued Expense
b)
Long Term Liability
c)
Short Term Liability
d)
Contingent Liability
15.
An example of intangible asset is
a)
Machinery
b)
Fixtures
c)
Fittings
d)
Trademarks
16.
The verification of the reported financial statements by someone independent of the preparer is known as
a)
Auditing
b)
Corporate Governance
c)
Fiduciary duty
d)
Bookkeeping
17.
Assets = $200,000; Owner's Equity = $50,000
Liability = ?
Liability = ?
a)
$250,000
b)
$150,000
c)
$200,000
d)
$50,000
18.
In January, the amount of food and paper products supplies used in making and selling pizza products to customers was $9,500. The supplies were purchased and paid for in December. At the end of January, a journal entry is made on:
Expense Account Title:
Amount of Expense:
Expense Account Title:
Amount of Expense:
a)
No expense in January
b)
Supplies expense $9,500
c)
December supplies expense $9,500
d)
Expense recorded in December
19.
At the beginning of January, Papa John's restaurants paid $3,000 in rent for the months of January, February, and March. At the end of January, a journal entry is made on:
Expense Account Title:
Amount of Expense:
Expense Account Title:
Amount of Expense:
a)
Prepaid Rent Expense $3,000
b)
Rent Expense $3,000
c)
Rent Expense $1,000
d)
Prepaid Rent Expense $2,000
20.
In January, Papa John's paid suppliers $10,000 for the supplies received in December. The supplies remain unused. At the end of January, a journal entry is made on:
Expense Account Title:
Amount of Expense:
Expense Account Title:
Amount of Expense:
a)
Supplies Expense $10,000
b)
No expense in January
c)
Previous supplies expense
d)
Supplies expense $1,000
100 %
