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IBT-Accounting

Total questions: 40

Worksheet time: 27mins

Name
Class
Date
1.

Inaccurate or incomplete financial records can cause you to mismanage your business or can cause serious legal problems.

a)

True

b)

False

2.

Accounts

a)

Are records of increases and decreases in individual financial statements

b)

Are only used by large entities with many transactions

c)

Do not reflect money amounts

d)

Are used only by entities that manufacture products

3.

Be sure to have a ___________ program and a ___________ on your computer to protect you computer's information from identity theft.

a)

good, lock

b)

anti-virus, firewall

c)

productivity, hard drive

d)

spreadsheet, security

4.

It is a good practice to keep both business and financial personal records together.

a)

True

b)

False

5.

If you own a business, it is necessary to keep up with sales tax information.

a)

True

b)

False

6.

Which of the following accounts is an asset account?

a)

Owner's Equity

b)

Accounts Payable

c)

Equipment

d)

Salaries Expense

7.

What are the three parts of a Balance Sheet?

a)

Assets, Liabilities, Capital

b)

Cash, Rent Expense, Owner's Equity

c)

Revenue, Expenses, Net Profit/Loss

d)

Cash, Accounts Payable, Revenue

8.

What is another name for Owner's Equity?

a)

Revenue

b)

Accounts Payable

c)

Assets

d)

Capital

9.
What is the accounting equation?
a)
Assets - Liabilities = Owner's Equity
b)
Assets = Liabilities + Owner's Equity
c)
Assets + Liabilities = Owner's Equity
d)
Assets - Expenses = Liabilities
10.
Assets equals $700,000 and its equity is $400,000. What is the amount of liabilities? 
a)
$300,000
b)
$1,100,000
c)
-$300,000
d)
-$1,100,000
11.
Total assets equal $500,000. Liabilities and Owner's Equity are equal to each other. How much are each?
a)
$500,000
b)
$1,000,000
c)
$250,000
d)
$1,500,000
12.
Which is an example of an asset?
a)
Accounts Payable
b)
Owner's Withdrawal
c)
Revenue
d)
Cash
13.
What is an example of a liability?
a)
Accounts Receivable
b)
Accounts Payable
c)
Cash
d)
Owner's Capital
14.
Business activities that change the amounts in the accounting equation.
a)
assets 
b)
transactions
c)
accounts payable
d)
equities
15.
What is a account balance?
a)
the owner's investment
b)
the amount in an account
c)
a business entity
d)
the sum of all assets
16.
Anything of value that is owned
a)
owner's equity
b)
liabilities
c)
assets
d)
unit of measurement
17.
What is owner's equity?
a)
liabilities
b)
the amount owed by a company
c)
The amount remaining after liabilities are subtracted from the  assets
d)
the relationship among assets, liabilities & owner's equity
18.
An equation showing the relationship among assets, liabilities & owner's equity
a)
the accounting equation
b)
owner's equity
c)
the accounting system
19.
The standard accounting equation is
a)
A=L+OE
b)
A+L+OE
c)
L=A+OE
20.
Organized summaries of a business 's financial activities 
a)
accounting system
b)
accounting process
c)
accounting records
21.
What is on the left side of the balance sheet?
a)
liabilities
b)
owner's equity
c)
some assets
d)
total assets
22.
Planning, recording, analyzing & interpreting financial information is called
a)
accounting
b)
balance sheet
c)
accounting equation
d)
accounting system
23.
The left side of the accounting equation always has to equal the right side after each transaction.
a)
true
b)
false
24.
What is on the right side of a accounting equation?
a)
total liabilities & owner's equity
b)
A/P liability accounts
c)
total liabilities & total assets
25.
Amount owed by a business
a)
liability
b)
asset
c)
capital
d)
account
26.

On the Balance Sheet you can see if you earned a profit.

a)

True

b)

False

27.

The income statement shows what occurred in the past.

a)

True

b)

False

28.

The Balance Sheet shows your investment in the business.

a)

True

b)

False

29.
___________ is a set of activities (including planning and decision making, organizing, leading, and controlling) directed at an organization’s resources (human, financial, physical, and information) with the aim of achieving organizational goals in an efficient and effective manner.
a)
Management
b)
Leadership
c)
Top Manager
d)
Coersion
30.

If you have a positive cash flow you may not be able to pay your bills.

a)

True

b)

False

31.
The left side of a T account is the
a)
debit side
b)
credit side
c)
normal balance side
d)
equity side
32.
The normal balance side of a liability account is the
a)
debit side
b)
credit side
c)
left side
33.

A debit may signify a(n):

a)

Increase in asset accounts

b)

Increase in liability accounts

c)

Increase in capital accounts

d)

Decrease in expense accounts

34.

Accounts with normal debit balances include:

a)

Assets & liabilities

b)

Liabilities and expenses

c)

Revenue and assets

d)

Expenses & Assets

35.

A credit may signify a(n):

a)

Increase in asset accounts

b)

Increase in liability accounts

c)

Decrease in capital accounts

d)

Decrease in revenue accounts

36.

The first step of the accounting cycle is to:

a)

Post Journal Entries

b)

Prepare a Trial Balance

c)

Analyze and Journalize business transactions

d)

Make adjusting entries

37.

What 2 items must you keep secure (or keep secret) in order to deter identity theft:

a)

Social security number and birthday

b)

Address and birthday

c)

Telephone number and social security number

d)

Address and telephone number

38.

Why is a good credit rating important?

a)

To help you get a good job

b)

It makes you feel confident

c)

So you can get a loan

d)

So you can get a loan with a low interest rate

39.

What causes your credit rating to drop?

a)

Not paying bills on time or not paying at all AND identity theft

b)

Paying your bills on time

c)

Closing credit accounts

d)

Paying off your bills

40.

What is accounting referred to in the business world?

a)

Finance

b)

Management

c)

The language of business

d)

The heart of business

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