WorksheetsAccounting I - Chapter 1 Review
Total questions: 11
Worksheet time: 6mins
What classification is "cash"?
Asset
Liability
Owner's Equity
What classification is "Accounts Payable"?
Asset
Liability
Owner's Equity
What classification is "supplies"?
Asset
Liability
Owner's Equity
What classification is "Michael Delgado, Capital"?
Asset
Liability
Owner's Equity
What classification is "prepaid insurance"?
Asset
Liability
Owner's Equity
What two accounts are changing? Paid cash for supplies
Cash + Supplies +
Cash - Supplies +
Cash - Supplies -
What two accounts are changing? Bought supplies on account.
Cash - Supplies +
Cash + Supplies -
Supplies + Accounts Payable +
Supplies + Accounts Payable -
What two accounts are changing? Paid Cash on account.
Cash - Accounts Payable +
Cash + Accounts Payable -
Cash + Accounts Payable +
Cash - Accounts Payable -
A person or business to whom a liability is owed is called
Proprietor
Creditor
Avenger
Carpenter
What is Revenue?
A part of the business plan
Something the IRS gives you
An increase in equity due to the sale of goods
Cash paid to a creditor
What is an expense?
Something expensive
Increases in the Cash account
Decreases in the Prepaid Insurance account
Cost of goods & Services used to operate a business
