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Worksheets

Accounting

Total questions: 41

Worksheet time: 24mins

Name
Class
Date
1.
Any amounts owed by a business and reported on the balance sheet are referred to as ________________.
a)
assets
b)
liabilities
c)
profit
d)
expenses
2.
The basic accounting equation is Assets=Liabilities + _______________________.
a)
Income
b)
Owner's Equity
c)
Expenses
d)
Profit
3.
An increase in owner's equity resulting from the operation of a business
a)
asset
b)
expense
c)
withdrawl
d)
revenue
4.
Anything of value that is owned by the company (such as cash, accounts receivables, vehicles, etc.) are reported on the balance sheet and are referred to as _______________.
a)
assets
b)
liabilities
c)
profit
d)
income
5.

Assets increase on the ________ side?

a)

subsidiary

b)

T-account

c)

credit

d)

debit

6.

owners equity decreases on the _________ side?

a)

credit

b)

debit

c)

payments

d)

liability

7.

assets decreases on the _______ side?

a)

debit

b)

two

c)

credit

d)

sixth

8.

________ are debts of the business?

a)

assets

b)

liabilities

c)

owners equity

d)

vehicles

9.

Equipment are an example of an/a ______?

a)

loan

b)

asset

c)

liability

d)

owners equity

10.

trading stock is an/a ________?

a)

equity

b)

liabilities

c)

assets

d)

owners equity

11.

water and electricity is an/a __________?

a)

credit

b)

asset

c)

expense

d)

income

12.

rates and taxes are an/a ________?

a)

profit

b)

income

c)

VAT

d)

Expense

13.

_______ can also be in a form of assets?

a)

tax

b)

capital

c)

customers

d)

bank

14.
A decrease in owner's equity resulting from the operation of a business
a)
account
b)
capital
c)
asset
d)
expense
15.
Amount owed by a business
a)
liability
b)
asset
c)
capital
d)
account
16.
The amount in an account
a)
account title
b)
revenue
c)
account balance
d)
accounting records
17.
The account used to summarize the owner's equity in a business
a)
account
b)
expense
c)
capital
d)
revenue
18.
Financial reports that summarize the financial condition and operations of a business
a)
financial statements
b)
ethics
c)
withdrawals
d)
equities
19.
An increase in owner's equity resulting from the operation of a business
a)
asset
b)
expense
c)
withdrawl
d)
revenue
20.
Revenues minus expenses equals _____________________.
(Revenues-Expenses = _______________)
a)
Profit
b)
Overhead
c)
Income
d)
None of the above
21.
The financial statement that reports the revenues and expenses for a period of time such as a year or a month is the:
a)
Balance Sheet
b)
Income Statement
c)
Statement of Cash Flows
d)
None of These
22.
The financial statement that reports the assets, liabilities, and stockholders' (owner's) equity at a specific date is the:
a)
Balance Sheet
b)
Income Statement
c)
Statement of Cash Flows
d)
Cash Statement
23.
Resources owned by a company (such as cash, accounts receivable, vehicles) are reported on the balance sheet and are referred to as __________.
a)
Assets
b)
Liabilities
c)
Owner Equity
d)
Equity
24.
Obligations (amounts owed) are reported on the balance sheet and are referred to as __________.
a)
Assets
b)
Liabilities
c)
Debt
d)
Owner Equity
25.
Revenues minus expenses equals:
a)
Assets
b)
Liabilities
c)
Owner Equity
d)
Net Income
26.

An Asset is:

a)

Refers to items that are owned

b)

Refers to amounts that are owed to others

c)

Refers to amounts earned

27.

Complete the following statement .Assets=....

a)

Owners equity +liabilities

b)

Bank + Owners equity

c)

Liabilities +Bank

28.
Which of these does a balance sheet show
a)
How much gross profit a business made
b)
Its total revenue
c)
What a business owns and owes
d)
How much it paid in rent
29.
Which of these is a liability?
a)
Cash in bank
b)
Money owed to other business (creditors)
c)
Stock
d)
Machinery
30.
Which of these is an asset?
a)
A loan to buy a van
b)
A satisfied customer
c)
Any stock (Inventory) that you have
d)
Reduced rent
31.
Examine the picture and select the value for Total Assets
a)
300,000
b)
800,000
c)
2,000,000
d)
2,500,000
32.
Examine the picture and select the value for Net Assets
a)
300,000
b)
800,000
c)
2,000,000
d)
2,500,000
33.
Car Payment
a)
Fixed Expense
b)
Variable Expense
34.
Restaurant Bill
a)
Fixed Expense
b)
Variable Expense 
35.
Car Repair
a)
Fixed Expense
b)
Variable Expense
36.
Rent Payment
a)
Fixed Expense
b)
Variable Expense
37.
Gas to get to work
a)
Fixed Expense
b)
Variable Expense
38.

Which account is classified as an Income?

a)

Auto Loan

b)

college Fund

c)

Bank Account

d)

Allowance

39.

Which account is classified as an Expense?

a)

Auto Loan

b)

college Fund

c)

Bank Account

d)

Cell phone bill

40.

Which account is classified as an Asset?

a)

Concert Tickets

b)

Babysitting payment

c)

Allowance

d)

Cash

41.

Which account is classified as an Liability?

a)

Concert Tickets

b)

Bank Account

c)

Credit Card

d)

Bus Pass

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