NEW
Font size
WorksheetsAccounting Final Exam Review 1
Total questions: 28
Worksheet time: 14mins
Classify the following transaction as an asset, liability, or owner's equity:
The owner invests personal cash in business. Cash is:
An Asset
A Liability
Owner's Equity
Classify the following transaction as an asset, liability, or owner's equity:
The owner withdraws business assets for personal use. The withdrawal is:
An Assets
A Liability
Owner's Equity
Classify the following transaction as an asset, liability, or owner's equity:
The company repays the bank that had lent money.
An Asset
A Liability
Owner's Equity
Classify the following transaction as an asset, liability, or owner's equity:
The company purchases equipment with its cash. Equipment is:
An Asset
A Liability
Owner's Equity
Classify the following transaction as an asset, liability, or owner's equity:
The owner contributes her personal truck to the business
An Asset
A Liability
Owner's Equity
Classify the following transaction as an asset, liability, or owner's equity:
The company purchases supplies on credit. Supplies are:
An Asset
A Liability
Owner's Equity
What is accounting?
The activity of recording revenue for a business.
Implementing a spreadsheet system for a new business.
Planning, recording, analyzing, and interpreting financial information.
The activity of recording liabilities for a business.
What is an accounting system?
A planned process for providing financial information that will be useful to management.
The act of the accountant working with all other departments in a business.
A computer spreadsheet application for large accounting firms.
A system of business revenue categories that serve each business unit.
Assets = Liabilities + Owner's Equity is the accounting equation for:
Personal Net Worth
Owner's Equity
Income Statements
Statement of Retained Earnings
Ethics in business are:
A type of accounting software.
The generally accepted accounting principles governed by the IRS for all businesses to follow.
Additional online resources for accountants to use during tax season.
The process of deciding what is morally right or wrong.
A transaction is:
A banking slip used to deposit money.
An asset for a business.
Money changing hands for goods or services.
A liability for a business.
Assets are:
Anything of value that is owned.
What you owe to a creditor.
The owner's equity in a business.
Unethical behaviors that lead to termination of an employee.
Solve the following Owner's Equity Accounting Equation:
Assets = Liabilities + Owner's Equity
? = $8,000 + $10,000
$444,000
$16,000
$18,000
$4,279
Solve the following Owner's Equity Accounting Equation:
Assets = Liabilities + Owner's Equity
$100,000 = ? + $40,000
$1,265
$16,000
$92,500
$60,000
Solve the following Owner's Equity Accounting Equation:
Assets = Liabilities + Owner's Equity
$2,400 = $1,200 + ?
$1,265
$1,200
$1,318
$1,000
Lindenwold Barber Shop's assets include:
Accounts Payable
Cash and Equipment
Wages
Income Tax
What are the Generally Accepted Accounting Principles (GAAP) for?
Provide an ethical oath accountants must sign before taking a job.
Standardizing the rules accountants must follow when reporting financial information.
Ensure that accountant audits are done truthfully and honestly.
Principles that ensure companies with accountants don't grow too big.
Liabilities are:
The amount gained on a sale.
The amount owed by a business to someone else.
Equipment a business uses to make money.
Detailed reports accountants must review for the IRS.
A liability of Lindenwold Barber Shop is :
Cash
Equipment
Rent
Accounts Payable
Insurance is a payment a business will make to cover expenses if something bad happens and is usually prepaid.
True
False
A _________ business sells physical items that you can touch.
Service
Goods
Manufacturer
Wholesaler
A service business is:
A business that performs an activity for a fee
A business that sells goods at a discounted cost.
A food business in which customers make their own meals.
A business that sells items to other businesses only.
In accounting, financial statements must __________.
Cancel out
Balance out.
Be larger than liabilities.
Be larger than assets.
What is ethics?
Principles of right and wrong in business
A strictly regulated financial statement.
Generally Accepted Accounting Principles (GAAP)
The corporate structure of a business
A decrease to cash is a _______?
An increase to cash is a ________?
Debit
Credit
What is a check?
A business form ordering a bank to pay cash from a checking account.
A credit card that bills a business at the end of the month.
Buying something on account from a vendor.
A debit card that takes money out of a business checking.
