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WorksheetsAccounting
Total questions: 20
Worksheet time: 20mins
Name
Class
Date
1.
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
2.
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
3.
Under the accrual basis of accounting, revenues are reported in the accounting period when the:
a)
Cash is Received
b)
Service or Goods Have Been Delivered
c)
End of the Month Has Arrived
d)
Customer Pays
4.
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
5.
Assets are usually reported on the balance sheet at which amount?
a)
Cost
b)
Current Market Value
c)
Expected Selling Price
d)
None of These
6.
Obligations (amounts owed) are reported on the balance sheet and are referred to as __________.
a)
Assets
b)
Liabilities
c)
Debt
d)
Owner Equity
7.
Liabilities often have the word __________ in their account title.
a)
Assets
b)
Payable
c)
Paid
d)
Equity
8.
Unearned Revenues is what type of account?
a)
Asset
b)
Liability
c)
Stockholders' Equity
9.
Accounting entries involve a minimum of how many accounts?
a)
One
b)
Two
c)
Three
d)
Four
10.
Which term is associated with "left" or "left-side"?
a)
Debit
b)
Credit
c)
Plus
d)
Minus
11.
Which term is associated with "right" or "right-side"?
a)
Debit
b)
Credit
c)
Plus
d)
Minus
12.
When cash is received, the account Cash will be
a)
Debited
b)
Credited
13.
When a company pays a bill, the account Cash will be
a)
Debited
b)
Credited
14.
What will usually cause an asset account to increase?
a)
Debit
b)
Credit
15.
What will usually cause the liability account Accounts Payable to increase?
a)
Debit
b)
Credit
16.
Entries to expenses such as Rent Expense are usually
a)
Debits
b)
Credits
17.
Entries to revenues accounts such as Service Revenues are usually
a)
Debits
b)
Credits
18.
Under the accrual basis of accounting, expenses are reported in the accounting period when the
a)
Cash is Paid
b)
Expense Matches the Revenues or is Used up
19.
Revenues minus expenses equals:
a)
Assets
b)
Liabilities
c)
Owner Equity
d)
Net Income
20.
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
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