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WorksheetsCash Vs Accrual Accounting and Income Statement
Total questions: 25
Worksheet time: 19mins
Name
Class
Date
1.
Money spent
a)
income
b)
expense
c)
net income
d)
gross income
2.
money received
a)
net loss
b)
net gain
c)
insurance
d)
income
3.
when expenses are greater than income
a)
expense
b)
net loss
c)
net income
d)
net gain
4.
What does COGS stand for?
a)
cost of goals scored
b)
cost of goods stocked
c)
cost of goods sold
d)
cost of goods solvent
5.
How do you calculate gross profit?
a)
Sales - COGS
b)
Sales - NP
c)
COGS - Expenses
d)
COGS - NP
6.
Cost of sales is calculated by...
a)
Opening stock + purchases - closing stock
b)
Opening stock + purchases + closing stock
c)
Adding up all of the stock bought during the year
d)
Opening stock - closing stock
7.
Revenue = 1000
Cost of Goods Sold = 200
Expenses = 300
Gross Profit = ?
a)
800
b)
500
c)
700
d)
300
8.
Revenue = 1000
Cost of Goods Sold = 200
Expenses = 300
Net Profit = ?
a)
800
b)
500
c)
700
d)
300
9.
Net Profit = 500
Revenue = 2000
Expenses = 1000
Cost of Goods Sold = ?
a)
1500
b)
1000
c)
3000
d)
500
10.
Which of the following is not a type of revenue?
a)
Sales
b)
Commission
c)
Service Fee
d)
Rent paid
11.
An income statement is
a)
A way of listing sales, cost of goods sold and expenses.
b)
Another word for 'Gross Profit'
c)
Same as the Balance Sheet
d)
None of the above.
12.
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
13.
Unearned Revenues is what type of account?
a)
Asset
b)
Liability
c)
Stockholders' Equity
14.
Accounting entries involve a minimum of how many accounts?
a)
One
b)
Two
c)
Three
d)
Four
15.
Which term is associated with "left" or "left-side"?
a)
Debit
b)
Credit
c)
Plus
d)
Minus
16.
Which term is associated with "right" or "right-side"?
a)
Debit
b)
Credit
c)
Plus
d)
Minus
17.
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
18.
The Accounting Equation must always be in balance?
a)
True
b)
False
19.
Assets
a)
Anything owed by the company
b)
Anything owned of value by the company
20.
The owner's worth after assets are used to pay all liabilities is the definition of
a)
Owner's Equity
b)
Liabilities
c)
Assets
21.
cash paid for an expense in one fiscal period that is not used until a later period.
a)
fiscal period
b)
net income
c)
prepaid expense
d)
trial balance
22.
the difference between total revenue and total expense when total revenue is greater.
a)
net income
b)
trial balance
c)
net loss
d)
adjustments
23.
reporting income when the cash is received and expenses when the cash is paid.
a)
accrual basis of accounting
b)
cash basis of accounting
c)
fiscal period
d)
trial balance
24.
Squidward plays which instrument?
a)
Oboe
b)
Saxaphone
c)
Clarinet
d)
Flute
25.
An accounting period that runs from Oct 1 - Sept 31
a)
Chinese year
b)
calendar year
c)
fiscal year
d)
seasonal year
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