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Accounting - Analyzing Transactions Review

Total questions: 35

Worksheet time: 19mins

Name
Class
Date
1.
Which is NOT a temporary account?
a)
Revenue
b)
Expenses
c)
Capital 
d)
Withdrawals
2.
Accounts that are only related to one accounting period
a)
Temporary accounts
b)
Permanent accounts
c)
Balance sheet accounts
d)
General accounts
3.
Accounts that carry their ending balances into the next accounting period.
a)
Temporary accounts
b)
Permanent accounts
c)
Income statement accounts
d)
General accounts
4.
Which of the following is an example of a permanent account?
a)
Revenues
b)
Expenses
c)
Capital
d)
Withdrawals
5.
How would an accountant record an increase in cash?
a)
Debit
b)
Credit
6.
The basic accounting equation is Assets=Liabilities + _______________________.
a)
Income
b)
Owner's Equity
c)
Expenses
d)
Profit
7.
An increase in owner's equity resulting from the operation of a business
a)
asset
b)
expense
c)
withdrawl
d)
revenue
8.

Assets increase on the ________ side?

a)

subsidiary

b)

T-account

c)

credit

d)

debit

9.

owners equity decreases on the _________ side?

a)

credit

b)

debit

c)

payments

d)

liability

10.

assets decreases on the _______ side?

a)

debit

b)

two

c)

credit

d)

sixth

11.

Equipment are an example of an/a ______?

a)

loan

b)

asset

c)

liability

d)

owners equity

12.
Assets taken out of a business for the owner's personal use
a)
capital
b)
withdrawals
c)
equities
d)
revenue
13.
A decrease in owner's equity resulting from the operation of a business
a)
account
b)
capital
c)
asset
d)
expense
14.
Amount owed by a business
a)
liability
b)
asset
c)
capital
d)
account
15.
A business activity that changes assets, liabilities, or owner's equity
a)
transaction
b)
expense
c)
revenue
d)
sale on account
16.
The account used to summarize the owner's equity in a business
a)
account
b)
expense
c)
capital
d)
revenue
17.
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
18.
Liabilities often have the word __________ in their account title.
a)
Assets
b)
Payable
c)
Paid
d)
Equity
19.
Which term is associated with "left" or "left-side"?
a)
Debit
b)
Credit
c)
Plus
d)
Minus
20.
Which term is associated with "right" or "right-side"?
a)
Debit
b)
Credit
c)
Plus
d)
Minus
21.

What category? Accounts Receivable

a)

Asset

b)

Liability

22.

What category? Cash

a)

Asset

b)

Liability

23.

What category? Equipment

a)

Asset

b)

Liability

24.

What category? Accounts Payable

a)

Asset

b)

Liability

25.

What category? Furniture

a)

Asset

b)

Liability

26.

What category? Accounts Receivable

a)

Asset

b)

Liability

27.

What category? Electricity

a)

Income

b)

Expense

28.

What category? Rent

a)

Income

b)

Expense

29.
The accounting equation is
a)
Assets = Liabilities + Owner's Equity
b)
Assets = Liabilities - Owner's Equity
c)
Assets - Owner's Equity + Liability
30.
An increase in owner's equity resulting from the operation of a business
a)
asset
b)
expense
c)
withdrawl
d)
revenue
31.

What is an example of a source document?

a)

Check

b)

Invoice

c)

Memorandum

d)

All the above

32.

In what order are transactions recorded in a journal?

a)

Alphabetical

b)

Chronological

c)

By Date

d)

According to the source document

33.

Which journal columns are used to record paying cash for an expense?

a)

Sales Credit; Cash Debit

b)

General Credit; Cash Credit

c)

General Debit; Cash Credit

d)

General Credit; Cash Debit

34.

Recording transactions in a journal is known as

a)

actualizing

b)

journalizing

c)

accounting

d)

entering

35.

Information needed to record entries in the journal is obtained from

a)

liabilities

b)

source documents

c)

phone calls

d)

columns

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