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Chapter 3 Accounting Review

Total questions: 85

Worksheet time: 38mins

Name
Class
Date
1.

Things you own

a)

Asset

b)

Liability

2.

Things you owe

a)

Asset

b)

Liability

3.

Initial investment plus retained earnings

a)

Asset

b)

Liability

c)

Owner's Equity

4.

What category? Cash

a)

Asset

b)

Liability

5.

What category? Accounts Receivable

a)

Asset

b)

Liability

6.

What category? Inventory

a)

Asset

b)

Liability

7.

What category? Mortgage

a)

Asset

b)

Liability

8.

What category? Equipment

a)

Asset

b)

Liability

9.

What category? Property (land, Buildings)

a)

Asset

b)

Liability

10.

What category? Accounts Payable

a)

Asset

b)

Liability

11.

What category? Furniture

a)

Asset

b)

Liability

12.

What category? Accounts Receivable

a)

Asset

b)

Liability

13.

What category? Interest Payable

a)

Asset

b)

Liability

14.

What category? Electricity

a)

Income

b)

Expense

15.

What category? Wages

a)

Income

b)

Expense

16.

What category? Phone Service

a)

Income

b)

Expense

17.

In accounting, which is on the right side of an account?

a)

Debit

b)

Credit

18.

In accounting, which of the following increases the amount in an account

a)

Debit

b)

Credit

19.

What category? Wages

a)

Income

b)

Expense

20.

What category? Rent

a)

Income

b)

Expense

21.

What category? Interest Income

a)

Income

b)

Expense

22.

What category? Advertising

a)

Income

b)

Expense

23.

Anything of value OWED by the company is a(n)

a)

Asset

b)

Liability

c)

Owner's Equity

d)

Sale on Account

24.

Anything of value OWNED by a company is a(n)

a)

Sale on Account

b)

Owner's Equity

c)

Liability

d)

Asset

25.

An increase in owner's equity resulting from the opperatioon of a business is a(n)

a)

Expense

b)

Revenue

c)

Withdrawal

d)

Sale on Account

26.

When a business is paying off an amount they owe someone, we would record that under

a)

Accounts Payable

b)

Accounts Receivable

27.

When another business is paying us back money they owe us, we would record that as

a)

Accounts Payable

b)

Accounts Receivable

28.

Accounts Payable is a(n)

a)

Asset

b)

Liability

c)

Owner's Equity

29.

Paid cash for utility bill-what accounts are being affected?

a)

Capital (EXPENSE) & Cash

b)

Capital (REVENUE) & Cash

c)

Cash & Supplies

d)

Cash & Accounts Payable

30.

Sold Services on Account to Mary Barry-what accounts are being affected?

a)

Cash & Accounts Payable

b)

Accounts Payable & Capital (EXPENSE)

c)

Accounts Receivable & Capital (REVENUE)

d)

Accounts Payable & Capital (WITHDRAWAL)

31.

Paid cash on account to Lary Harry-what accounts are being affected?

a)

Cash & Supplies

b)

Cash & Accounts Payable

c)

Cash & Accounts Receivable

d)

Expense & Cash

32.

Paid cash for supplies-what account are being affected?

a)

Cash and Supplies

b)

Cash & Prepaid Insurancce

c)

Cash & Accounts Payable

d)

Cash & Accounts Receivable

33.

What is the Accounting Equation?

a)

Assets+Liabilities=Owner's Equity

b)

Assets=Liabilities - Owner's Equity

c)

Owner's Equity=Assets+Liabilities

d)

Assets=Liabilities+Owner's Equity

34.

Accounts Receivable is a(n)

a)

Asset

b)

Owner's Equity

c)

Liability

35.

Revived cash from owner as an investment-what accounts are being affected?

a)

Cash & Accounts Receivable

b)

Cash & Capital

c)

Cash & Accounts Payable

d)

Cash & Supplies

36.

Paid cash on account-what is happening to the 2 accounts?

a)

Cash is decreasing and Accounts Payable is decreasing

b)

Cash is decreasing and Accounts Receivable is decreasing

c)

Cash is decreasing and Accounts Payable is increasing

d)

Cash is increasing and Accounts Receivable is increasing

37.

Received cash on account-what is happening to the 2 accounts?

a)

Cash is increasing & Supplies is decreasing

b)

Cash is increasing & Accounts Payable is decreasing

c)

Cash is increasing & Capital is decreasing

d)

Cash is increasing & Accounts Receivable is decreasing

38.

Which of the following is an Asset account?

a)

Prepaid Insurance

b)

Accounts Payable

c)

Capital (REVENUE)

d)

Capital (WITHDRAWAL)

39.

Which of the following is a Liability account?

a)

Accounts Payable

b)

Accounts Receivable

c)

Capital (Expense)

d)

Capital (Revenue)

40.

Which of the following is not one of the 3 types of capital?

a)

Revenue

b)

Expense

c)

Investment

d)

Withdrawal

41.

Which acronym did Mrs. Collins teach you to remember the accounting equation?

a)

LOVE

b)

ALOE

c)

LOAWE

d)

ALOHA

42.

Accounting is the _________ of business.

a)

Computation

b)

Language

c)

Boring

d)

Mathematical

43.
The company purchases land by paying half in cash and signing a note payable for the other half..What is the effect on accounting equation?
a)
Inc. in Assets (Land), Dec.In Assets (Cash)  I  Inc. in Liability (NP)
b)
Inc. in Assets (Land), Dec.In Assets (Cash)  I  Inc. in Liability (NP)
c)
Inc. in Assets (Land)  I  Inc. in Liability (NP)
44.
In what accounting element can we classify INVENTORIES?
a)
Asset
b)
Liabilities
c)
Equity
45.
If the total liabilities is P 15, 000 and the total assets is P 23,000, what is the total equity using the accounting equation?
a)
P 8,001
b)
P 8,000
c)
P 8,000.01
46.
The owner invests personal cash in the business. What is the effect on accounting equation?
a)
Inc. in Assets  I  Inc. in Equity
b)
Inc. in Liabilities  I  Inc. in Assets
c)
Dec. in Assets  I  Inc. in Equity
47.
The company repays the bank that had lent money to the company. What is the effect on accounting equation?
a)
Inc. in Assets  I  Dec. in Equity
b)
Dec. in Assets  I  Dec. in Liabilities
c)
Dec. in Liabilities  I  Dec. in Liabilities
48.
In what accounting element can we classify SALARY EXPENSE?
a)
Asset
b)
Liabilities
c)
Equity
49.
The company purchases a significant amount of supplies on credit. What is the effect on accounting equation?
a)
Inc. in Assets  I  Dec. in Equity
b)
Inc. in Assets  Inc. in Liabilities
c)
Dec. in Assets  I  Inc. in Liabilities
50.
What does the accounting equation form the basis for?
a)
Single entry bookkeeping
b)
Cash books
c)
Double entry bookkeeping
51.
What account type is the cash account?
a)
Liability
b)
Asset
c)
Equity
52.
What account type is the rent expense account?
a)
Revenue
b)
Asset
c)
Expense
53.
The owner invests personal cash in business.
a)
Asset (I)
b)
Liabilties (I)
c)
Equity (NE)
54.
The owner withdraws business assets for personal use.
a)
Assets (I)
b)
Liabilities (D)
c)
Equity (D) 
55.
The company receives cash from a bank loan 
a)
Assets (I)
b)
Liabilities (D)
c)
Equity (D)
56.
The company repays the bank that had lent money
a)
Assets (I)
b)
Liabilities (D)
c)
Equity (D)
57.
The company purchases equipment with its cash
a)
Assets (NE)
b)
Liabilities (I)
c)
Equity (I)
58.
The owner contributes her personal truck to the business
a)
Assets (NE)
b)
Liabilities (NE)
c)
Equity (D)
59.
The company purchases supplies on credit
a)
Assets (I)
b)
Liabilities (NE)
c)
Equity (I)
60.
The company purchases land by paying half in cash and signing a note 
a)
Assets (NE)
b)
Liabilities (I)
c)
Equity (I)
61.
The owner withdraws cash for personal use
a)
Assets (D)
b)
Liabilities (D)
c)
Equity (NE)
62.
The company repays the suppliers
a)
Assets (D)
b)
Liabilities (I)
c)
Equity (D)
63.

Furniture is regarded as

a)

Assett

b)

Fixed Assett

c)

Liability

d)

Current Liability

64.

Owners equity just refer to the Capital of the owner

a)

True

b)

False

65.
The Accounting Equation must always be in balance? 
a)
True
b)
False
66.
Purchases from a supplier on credit is a liability.
a)
True
b)
False
67.
For accounting purpose, the proprietor is a separate and distinct entity from the business.
a)
True
b)
False
68.
The owner invests personal cash in business.
a)
Asset (I)
b)
Liabilties (I)
c)
Equity (NE)
69.
The company receives cash from a bank loan 
a)
Assets (I)
b)
Liabilities (D)
c)
Equity (D)
70.
The company repays the bank that had lent money
a)
Assets (I)
b)
Liabilities (D)
c)
Equity (D)
71.
Assets 
a)
Anything owed by the company
b)
Anything owned of value by the company
72.
Cost incurred in its efforts to create revenue
a)
Expense
b)
 Revenue
c)
Withdrawal
d)
Liability
73.
Expenses DECREASE owners equity.
a)
True
b)
False
74.
Revenue DECREASES owners equity.
a)
True
b)
False
75.
Assets = Liabilities + Owner's Equity
Assets - 100,000
Liabilities- 25,000
Owner's Equity- ?
a)
125,000
b)
75,000
c)
25,000
d)
100,000
76.
Assets = Liabilities + Owner's Equity
Assets - ?
Liabilities- 25,000
Owner's Equity- 100,000
a)
125,000
b)
75,000
c)
25,000
d)
100,000
77.
Assets = Liabilities + Owner's Equity
Assets - 200,000
Liabilities- ?
Owner's Equity- 90,000
a)
200,000
b)
290,000
c)
110,000
d)
90,000
78.
Assets = Liabilities + Owner's Equity
Assets - 200,000
Liabilities- 90,000
Owner's Equity- ?
a)
200,000
b)
290,000
c)
110,000
d)
90,000
79.
Assets = Liabilities + Owner's Equity
Assets - ?
Liabilities- 90,000
Owner's Equity- 200,000
a)
200,000
b)
290,000
c)
110,000
d)
90,000
80.
Assets = Liabilities + Owner's Equity
Assets - ?
Liabilities- 2,500
Owner's Equity- 10,000
a)
2,500
b)
12,500
c)
10,000
d)
7,500
81.
Assets = Liabilities + Owner's Equity
Assets - 10,000
Liabilities- 2,500
Owner's Equity- ?
a)
2,500
b)
12,500
c)
10,000
d)
7,500
82.
Assets = Liabilities + Owner's Equity
Assets - 182,000
Liabilities- 125,000
Owner's Equity- ?
a)
182,000
b)
125,000
c)
157,000
d)
57,000
83.
An amount owed by a business
a)
Liability
b)
Asset
c)
Owner's equity
d)
Revenue
84.
Shows the relationship among assets, liabilities, and owners equity. It is most often stated as: Assets = Liabilities + Owners Equity
a)
Accounting equation
b)
Accounting Records
c)
Accounting statements
d)
Accounting Net Loss
85.
A business activity that changes assets, liabilities, or owners equity
a)
Transaction
b)
Account balance
c)
inventory
d)
income

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