WorksheetsIntro to Acctng/Financial Forms
Total questions: 18
Worksheet time: 9mins
Definition: The process of keeping track of a business’s finances.
Entrepreneurship
Accounting
Financial Statement Analysis
Management
Which of the following is NOT a basic accounting task?
Processing payroll
Creating a budget
Paying vendors
Hiring new employees
What does GAAP stand for?
Generally Accepted Accounting Principles
Generally Acknowledged Accounting Principles
Generic Accepted Accounting Principles
Generally Accepted Academic Principles
What is the Accounting Equation?
Assets - Liabilities = Owner's Equity
Assets + Liabilities = Shareholders Equity
Assets = Liabilities + Owner's Equity
Assets = Liabilities + Shareholders Equity
A computer for your business is an example of a(n)...
asset
liability
stock
nothing
This statement is sometimes called the profit/loss statement.
Cash Flow Statement
Balance Sheet
Income Statement
Capital Statement
Which of the following is NOT an expense for a business?
Revenue
Salary
Rent
Telephone
What type of program is Microsoft Excel, Google Sheets?
Word Processing
Spreadsheet
Presentation
Database
What symbol does a formula start with when using Google Sheets or Excel?
*
=
+
#
Which of the following is the correct formula to add to cells together?
=1B+2B
1B+2B
B1+B2
=B1+B2
Definition: This is something the business owns that has value
Asset
Liability
Expense
Owner's Equity
Definition: This is something that the business owes (over a period of time)
Asset
Liability
Expense
Cash Flow Statement
Definition: This is the money you have left over after you pay your expenses (including taxes). Revenue - Expenses
Loss
Profit
Break-Even Point
Asset
Definition: This is when a company spends more money than it took in
Profit
Loss
Liability
Expense
Definition: This is when your Revenue = Expenses. (Your company makes as much money as needed to pay the business expenses)
Profit
Loss
Break-Even Point
Non-Profit
Definition: This financial form deals with actual cash coming in and going out of your business; shows how much money you have available to pay your bills.
Income Statement
Cash Flow Statement
Balance Sheet
Owner's Equity
Definition: This financial form lists what a business owns, what it owes, and how much it is worth at a particular point in time.
Income Statement
Balance Sheet
Owner's Equity
Cash Flow Statement
Definition: This is the money made from sales of your goods or services.
Profit
Loss
Revenue
Expense
