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WorksheetsIntro to Accounting
Total questions: 15
Worksheet time: 8mins
Name
Class
Date
1.
Assets taken out of a business for the owner's personal use
a)
capital
b)
withdrawals
c)
equities
d)
revenue
2.
Planning, recording, analyzing, and interpreting financial information
a)
accounting
b)
ethics
c)
transaction
d)
revenue
3.
A decrease in owner's equity resulting from the operation of a business
a)
account
b)
capital
c)
asset
d)
expense
4.
Amount owed by a business
a)
liability
b)
asset
c)
capital
d)
account
5.
A business activity that changes assets, liabilities, or owner's equity
a)
transaction
b)
expense
c)
revenue
d)
sale on account
6.
Anything of value that is owned
a)
account
b)
asset
c)
withdrawal
d)
expense
7.
A business owned by one person
a)
service business
b)
revenue
c)
expense
d)
proprietorship
8.
The amount in an account
a)
account title
b)
revenue
c)
account balance
d)
accounting records
9.
Financial reports that summarize the financial condition and operations of a business
a)
financial statements
b)
ethics
c)
withdrawals
d)
equities
10.
An increase in owner's equity resulting from the operation of a business
a)
asset
b)
expense
c)
withdrawl
d)
revenue
11.
Revenues minus expenses equals _____________________.
(Revenues-Expenses = _______________)
(Revenues-Expenses = _______________)
a)
Profit
b)
Overhead
c)
Income
d)
None of the above
12.
Accounting entries involve a minimum of how many accounts?
a)
0
b)
1
c)
2
d)
3
13.
________ are debts of the business?
a)
assets
b)
liabilities
c)
owners equity
d)
vehicles
14.
Equipment are an example of an/a ______?
a)
loan
b)
asset
c)
liability
d)
owners equity
15.
water and electricity is an/a __________?
a)
credit
b)
asset
c)
expense
d)
income
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