WorksheetsUnderstanding Accounting
Total questions: 15
Worksheet time: 8mins
If Mrs. Andrews takes out a loan for $1000 to buy a computer desk, I would change the ________ on my balance sheet.
Asset column only
Asset & Liability column
Liability & Equity columns
Asset & Equity columns
Accounts Payable column
A balance sheet is also called a _____________.
Budget
Income Statement
Snapshot
Liability
In Income Statement is used to record ____ and ____.
Revenue and Expenses
Assets and Liabilities
Income and Expenses
A Budget
On a budget sheet, which 3 of these expenses may change from month to month? (choose all that apply)
Mortgage
Car payment
Insurance
Entertainment
Credit Card & Groceries
What financial statement helps you plan your expenses Before you have spent any money?
Statement of Cash Flows
Income Statement
Balance Sheet
Budget
Christopher has $10,000 in cash and no liabilities. He purchases a ring for Aalian for $3,500, paying cash. How much is his equity?
$2000
$6,500
$10,000
$13,000
If Aziah buys a house for $300,000, and put $150,000 down as a down payment taking the rest out as a loan, how much equity does he have? (you may use a calculator)
$275,000
$450,000
$110,000
$150,000
After Tyler deducts all of his expenses, the money left over is his _______?
Taxes
Gross
Net
Securities
Which of the following are Jacob's variable expense? (choose all that apply)
Inventory and savings
Car payment
Clothing and credit card payment
Insurance
Clothing and house payment
Which of Morgan's assets is guaranteed to Lose Value over time because of depreciation?
Cash
Car
House
Stocks
Which of Tiffany's assets, according to liquidity, is the MOST liquid?
Stocks then Cash
Cash then Stocks
House, then Stocks
Cash, then House
T/F. Drequan's company trade's publicly, so he is required to publish a balance sheet every quarter.
True
False
If Norman buys a house for $200,000, and puts $100,000 as a down payment, the remaining $100,000 is his __________
Revenue
Liability
Asset
Equity
Which of these are D'Andre's future liabilities?
Accounts Payable
Medical Bills
House
Credit Card Payments
Mrs. Andrews has all of these assets except.(Select 2)
Portrait Collections
Cash
Land
Accounts Receivable
Car Loan
