NEW
Font size
WorksheetsMyers Accounting
Total questions: 33
Worksheet time: 18mins
If revenues are greater than expenses, you have a net loss.
True
False
If expenses are greater than revenues, you have a net loss.
True
False
A balance sheet is prepared for a specific date.
True
False
An income statement is prepared for a period of time.
True
False
Temporary accounts are “closed out” at the end of the year.
True
False
If Assets total $500,000 and Liabilities total $450,000, Owner’s Equity is $950,000.
True
False
If Assets total $500,000 and Liabilities total $450,000, Owner’s Equity is $50,000.
True
False
Revenues - Expenses = Owner’s Equity
True
False
A balance sheet shows the net income or loss of a business.
True
False
An income statement shows the assets, liabilities, and owner’s equity of a business.
True
False
Cash would be classified as a(n)
asset
liability
owner's equity
revenue
Accounts payable would be classified as a(n)
asset
liability
owner's equity
revenue
Rent expense would be classified as a(n)
asset
liability
revenue
expense
Sales would be classified as
asset
liability
revenue
expense
John Doe, Capital would be classified as
asset
liability
revenue
owner's equity
If revenues are $4,518,000 and expenses are $4,618,000, you have a net
profit
loss
If revenues are $4,518,000 and expenses are $4,618,000, you have
net income of $100,000
net income of $9,136,000
net loss of $100,000
net loss of $9,136,000
If assets equal $250,000 and liabilities equal $50,000, owner equity would equal
$300,000
$250,000
$200,000
$100,000
The accounting equation is
Assets + Liabilities = Owner Equity
Assets = Liabilities + Owner Equity
Assets = Liabilities - Owner Equity
Assets + Owner Equity = Liabilities
Revenues ______ Owner’s Equity.
increase
decrease
have no effect
balance
Expenses _____ Owner’s Equity.
increase
decrease
have no effect
balance
Liabilities and Owner’s Equity are claims against the
assets
revenues
expenses
All answer choices
The five basic account classifications are
assets, liabilities, owner's equity, profits, expenses
assets, liabilities, owner's equity, revenue, expenses
assets, liabilities, owner's equity, profits, losses
assets, liabilities, owner's equity, revenue, losses
Of the following, which is not a step in the accounting cycle?
analyze transactions
journalize transactions
prepare a trial balance
write checks
To increase Cash, you would _____ the account.
debit
credit
To increase Accounts Payable, you would _____ the account
debit
credit
To increase K. Smart, Capital, you would _____ the account.
debit
credit
To increase Rent Expense, you would _____ the account.
debit
credit
To increase Sales, you would _____ the account.
debit
credit
To decrease Loan Payable, you would _____ the account.
debit
credit
If Account R has a credit entry of $20,000 and Account S has a debit entry of $60,000, how much would you credit/debit Account T to balance debits and credits for this transaction?
debit $40,000
credit $80,000
credit $40,000
debit $80,000
If Cash has credit entry of $40,000 and Rent Expense has a debit entry of $10,000, how much would you credit/debit Wages Expense to balance debits and credits for this transaction?
debit $50,000
credit $50,000
credit $30,000
debit $30,000
If Account Red has a credit entry of $20,000, Account White has a debit entry of $15,000 and Account Black has a credit entry of $5,000, how much would you credit/debit Account Silver to balance debits and credits for this transaction?
debit $40,000
credit $10,000
credit $40,000
debit $10,000
