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WorksheetsACCOUNTING
Total questions: 15
Worksheet time: 8mins
A __________ amount will appear on the left side of a T-account.
Credit
Debit
An Asset is:
Refers to items that are owned
Refers to amounts that are owed to others
Refers to amounts earned
Expenses are those items that are:
Direct costs for producing goods
Costs associated with operating a business
All the company outflows
To journalize business transactions, refers .
Recording them in the general journal
Recording them in the general ledger
Organizing the company paperwork
To which account in the Balance Sheet is the net income or net loss transferred to at the end of the accounting period?
Retained Earnings
Cash
Accounts Receivable
Inventory
Accounts Payable is classified as a/an ___________ in the _____________.
Current asset; Balance Sheet
Current liability; Balance Sheet
Expense; Income Statement
Revenue; Income Statement
Which of the following documents authorizes the purchase transaction?
Credit memo from supplier
Invoice or bill from supplier
Purchase order
Purchase requisition
What is meant by accounts receivable?
Money owed to a company by its debtors
Money owed by a company to its creditors
Money owed to a company by its employees
Money owed by a company to its vendors
1. What is the missing term in the break even formula below?
Break even revenue = Operating expenses / ?
Gross margin
Gross margin %
Variable expenses
. What is the missing term in the break even formula below?
Break even units = Operating expenses / (Selling price – ?)
Cost per unit
Gross margin
Revenue
Complete the following statement .Assets=....
Owners equity +liabilities
Bank + Owners equity
Liabilities +Bank
Sale is made to a customer on credit terms. Which of A,L,O/E isn'n part of the transaction?
ASSETS
LIABILITIES
EQUITY
Car is bought on credit from a supplier. Which of A,L,O/E is not part of the transaction?
EQUITY
ASSETS
LIABILITIES
Depreciation is recorded in the records. Which of A,L,O/E is not part of the transaction?
EQUITY
LIABILITY
ASSET
Car is bought on credit from a supplier. Which of A,L,O/E is not part of the transaction?
EQUITY
ASSET
LIABILITY
