NEW
Font size
WorksheetsAccounting Drills: Balance Sheet
Total questions: 21
Worksheet time: 13mins
Another name for the balance sheet is
Statement of Operations
Statement of Financial Position
The balance sheet heading will specify a
Period of Time
Point in Time
Which of the following is a category or element of the balance sheet?
Expenses
Gains
Liabilities
Losses
Which of the following is an asset account?
Accounts Payable
Prepaid Insurance
Unearned Revenue
Which of the following is a contra-account?
Accumulated Depreciation
Mary Smith, Capital
What is the normal balance for an asset account?
Debit
Credit
What is the normal balance for liability accounts?
Debit
Credit
What is the normal balance for Owner's Equity accounts?
Debit
Credit
What is a normal balance for an asset contra account?
Debit
Credit
What is a normal balance for a liability contra account?
Debit
Credit
Client Jay pays ABC Co. $1,000 in December for ABC to perform services for Jay in 45 days. ABC uses the accrual basis of accounting. In December ABC will debit cash for $1,000. What will be the other account involved int he December accounting entry prepared by ABC (and what type of account is it)?
Accounts Receivable (asset)
Prepaid Services (asset)
Service Revenues (revenue)
Unearned Revenues (liability)
ABC Co. performed services for Client Kay in December and billed Kay $4,000 with terms of net 30 days. ABC follows the accrual basis of accounting. In January ABC received the $4,000 from Kay. In January ABC will debit Cash, since cash was received. What account should ABC credit in the January entry?
Accounts Receivable
Sales Revenue
Owner's Equity
ABC Co. follows the accrual basis of accounting and performs a service on account (on credit) in December. The service was billed at the agreed upon amount of $3,500. ABC Co. debited Accounts Receivable for $3,500 and credited Service Revenue for $3,500. The effect of this entry on the balance sheet of ABC is to increase assets by $3,500 and to...
Decrease Assets by $3,500
Increase Owner's Equity (Stockholders') Equity by $3,500
Which of the following would not be a current asset?
Accounts Receivable
Land
Prepaid Insurance
Supplies
Which of the following would normally be a current liability?
Note Payable in Two Years
Unearned Revenue
When an owner draws $5,000 from a sole proprietorship or when a corporation declares and pays a $5,000 dividend, the asset Cash decreases by $5,000. What is the other effect on the balance sheet?
Owner's/Stockholders' Equity Decreases
None
ABC Co. incurs cleanup expense of $500 on December 30. The supplier's invoice states that the $500 is due by January 10 and ABC will pay the invoice on January 9. ABC follows the accrual basis of accounting and its accounting year ends on December 31. What is the effect of the cleanup service on the December balance sheet of ABC?
Assets Decreased
Liabilities Increased
No Effect on Owner's Equity
Deferred credits will appear on the balance sheet with the
Assets
Liabilities
OE
NP could not appear as a line on the balance sheet in which classification?
Current Assets
Current Liabilities
LT Liabilities
On Dec 1, ABC Co. hired Juanita Perez to begin working on Jan 2 at a monthly salary of $4,000. ABC's balance sheet of Dec 31 will show a liability of?
$4,000
$48,000
No Liability
ABC Co has current assets of $50,000 and total assets of $150,000. ABC has current liabilities of $30,000 and total liabilities of $80,000. What is the amount of ABC's OE?
$20,000
$30,000
$70,000
$120,000
