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WorksheetsBasic Accounting Terms 2
Total questions: 13
Worksheet time: 7mins
Name
Class
Date
1.
_____________________ are useful in showing how transactions are recorded.
a)
B-Accounts
b)
A-Accounts
c)
C-Accounts
d)
T-Accounts
2.
Accounting is referred to as the "language of ___________________."
a)
profit
b)
life
c)
accounting
d)
business
3.
A list of accounts used by a business.
a)
accounting equation
b)
chart of accounts
c)
temporary accounts
d)
permanent accounts
4.
An accounting device used to analyze transactions.
a)
T account
b)
temporary account
c)
personal account
d)
permanent account
5.
The left side of a T-Account is called
a)
Debit
b)
Credit
c)
Left Side
d)
Right Side
6.
Recording transactions is a journal in a chronological order on a daily basis is known as______________________.
a)
Recording
b)
Updating
c)
Interpreting
d)
Journalizing
7.
______________________ is the transfer of journalized transactions to their accounts.
a)
Posting
b)
Recording
c)
Updating
d)
Journalizing
8.
The _____________________________________ is usually the largest expense of the income statement and is the total amount of expenses incurred to produce a product.
a)
Expense incurred
b)
Net expense
c)
Cost of Goods Sold
d)
Cost of Good Bought
9.
The name given to an account
a)
account title
b)
capital
c)
expense
d)
revenue
10.
A business that performs an activity for a fee
a)
proprietorship
b)
service business
c)
capital
d)
asset
11.
Financial reports that summarize the financial condition and operations of a business
a)
financial statements
b)
ethics
c)
withdrawals
d)
equities
12.
Liabilities often have the word __________ in their account title.
a)
Assets
b)
Payable
c)
Paid
d)
Equity
13.
This is an example of an asset
a)
cash
b)
accounts payable
c)
power bill
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