WorksheetsAccounting Chpt 1
Total questions: 20
Worksheet time: 12mins
Name
Class
Date
1.
Planning, recording, analyzing, and interpreting financial information.
a)
accounting
b)
transaction
c)
reporting
d)
financing
2.
Assets=Liabilities + Owner's Equity (True or False)
a)
True
b)
False
3.
The title of the balance sheet includes: Name of Company, "Balance Sheet", and the Actual Reporting Date
a)
True
b)
False
4.
______________-are anything of of value owned, such as cash, buildings.
a)
Liabilities
b)
Assets
c)
Income Statement
d)
Statement of Cash Flows
5.
_________ - are claims against assets (debts)
a)
Assets
b)
Depreciation
c)
Liabilities
d)
Tim's checkbook
6.
A balance sheet has four sections: 1)heading 2)assets 3) liabilities and 4)
a)
credits
b)
debits
c)
owner's equity
7.
On a balance sheet, if Total Assets are $15,000 and Total Liabilities are $10,000. Owner's Equity will equal:
a)
5,000
b)
25,000
c)
7,500
8.
If Liabilities are more than the Assets, the business's financial condition is not strong.
a)
True
b)
False
9.
______is a financial statement that reports a business's assets, liabilities, and owner's equity on a specific date.
a)
Balance Sheet
b)
Income Statement
c)
Statement of Cash Flows
d)
None of the Above
10.
_____________under Liabilities on the balance sheet is the amount the company owes for purchases it made on credit.
a)
None of these
b)
Capital
c)
Accounts Receivable
d)
Accounts Payable
11.
Capital (owner's equity) is the value of the owners' investment in the business after subtracting liabilities from assets.
a)
True
b)
False
c)
Neither
d)
Who cares!
12.
A business activity that changes assets, liabilities, or owner's equity.
a)
account
b)
transaction
c)
equities
d)
accounting
13.
The amount in an account
a)
service
b)
account title
c)
account balance
d)
subtotal
14.
Financial rights to the assets of a business
a)
equities
b)
assets
c)
liabilities
d)
taxes
15.
A business that performs an activity for a fee
a)
service business
b)
owner's equity
c)
accounting system
d)
transaction
16.
A business owned by one person
a)
Service business
b)
Corporation
c)
LLC
d)
Proprietorship
17.
A planned process for providing financial information that will be useful to management.
a)
Accounting equation
b)
Accounting records
c)
Accounting system
d)
Accounting firm
18.
A record summarizing all the information pertaining to a single item in the accounting equation.
a)
account
b)
transaction
c)
accounting records
d)
equity
19.
Organized summaries of a business's financial activities.
a)
transactions
b)
accounting records
c)
accounting system
d)
accounting equation
20.
Which of the following is classified as a business asset?
a)
amount owed to a vendor
b)
amount held in a personal checking account
c)
credit card debt
d)
prepaid insurance
100 %
