WorksheetsChanges That Affect the Accounting Equation
Total questions: 18
Worksheet time: 18mins
Name
Class
Date
1.
A business owned by 1 person.
a)
Corporation
b)
Partnership
c)
Proprietorship
2.
Keeping personal and business records separate is an application of business entity.
a)
true
b)
false
3.
The accounting equation is:
a)
Assets = Liabilities
b)
Assets = Liabilities + Owner’s Equity
c)
Assets + Liabilities = Owner’s Equity
4.
Paying for supplies is:
a)
Revenue
b)
Expense
c)
None of the above
5.
When two asset accounts are changed in a transaction, there must be an + & a -.
a)
true
b)
false
6.
An owner taking assets for personal use is a(n):
a)
Revenue
b)
Expense
c)
Withdrawal
7.
Anything of value that is owned:
a)
Assets
b)
Liabilities
c)
Owner's Equity
8.
A business that performs an activity for a fee.
a)
Service business
b)
Merchandising business
c)
Manufacturing business
9.
Any amount owed by a business.
a)
Assets
b)
Liabilities
c)
Owner's Equity
10.
Receiving cash from a sale is a(n):
a)
Revenue
b)
Expense
c)
Withdrawal
11.
A business activity that changes assets, liabilities, or owner’s equity.
a)
Financial statements
b)
Transaction
c)
Accounting
12.
Accounts Payable
a)
Asset
b)
Liabilities
c)
Owner's Equity
13.
When items are bought and paid for at a future date, this is known as buying on account.
a)
true
b)
false
14.
The account used to summarize the owner’s equity in the business.
a)
Capital
b)
Revenue
c)
Liability
15.
After each transaction, the accounting equation must stay in balance.
a)
true
b)
false
16.
Cash
a)
Asset
b)
Liabilities
c)
Owner's Equity
17.
A record summarizing all the information pertaining to a single item in the accounting equation.
a)
Financial statements
b)
Transaction
c)
Account
18.
A sale for which cash will be received at a later date.
a)
Equity
b)
Liability
c)
Sale on Account
100 %
