WorksheetsBookkeeping
Total questions: 10
Worksheet time: 5mins
Name
Class
Date
1.
Refer to the resources owned and controlled by an entity and also known as properties or rights owned by the business.
a)
Assets
b)
Liabilities
c)
Revenues
d)
Expenses
2.
Refer to economic benefits received from business activities; the amount earned in the conduct of business.
a)
Assets
b)
Liabilities
c)
Revenues
d)
Expenses
3.
Refer to the costs incurred in the conducting business.
a)
Assets
b)
Liabilities
c)
Revenues
d)
Expenses
4.
Refer to the economic obligations of a business entity.
a)
Assets
b)
Liabilities
c)
Revenues
d)
Expenses
5.
It represents advanced payments from customers which requires settlement through delivery of goods or services in the future.
a)
Sales Revenue
b)
Service Revenue
c)
Unearned Revenue
d)
Accrued Revenue
6.
Assets that are held for sale in the normal operations of the business.
a)
Inventories
b)
Accounts Receivable
c)
Furnitures and Fixtures
d)
Intangibles
7.
Refer to the costs of compensation to employees for their services to the company.
a)
Taxes and Licenses
b)
Delivery Expense
c)
Training and Development
d)
Salaries and Wages
8.
Refer to the water and electricity costs incurred in the conduct of business.
a)
Telecommunications Expense
b)
Utilities Expense
c)
Supplies Expense
d)
Repairs and Maintenance
9.
Refers to indebtedness that arise from purchase of goods, materials, supplies or services and other transaction in the normal course of business operations.
a)
Accounts Payable
b)
Notes Payable
c)
Bonds Payable
d)
Loans Payable
10.
The amount earned from leasing out commercial spaces such as office space, stalls, booths, apartments, condominiums, etc.
a)
Royalty Income
b)
Interest Income
c)
Rent Income
d)
Franchise Fee
100 %
