WorksheetsAccounting 1 - Chapter 1
Total questions: 14
Worksheet time: 8mins
Which of the following is not an example of an expense...
Advertising
Utilities
Repairs
Accounts Receivable
Which of the following is an example of a transaction that affects only one side of the accounting equation...
Bought supplies on account
Paid cash on account
Paid cash for insurance
Received cash from the owner as an investment
Complete the equation...
(a)
Complete the equation...
(a)
The accounting equation is stated as...
Assets + Liabilities = Owner's Equity
Assets + Owner's Equity = Liabilities
Assets = Liabilities + Owner's Equity
We have an equation?!? What is this? Math class!?!
Which of the following is not a disadvantage of a sole proprietorship
Limited resources
Limited expertise
Quick and easy to make changes
Obligation to follow federal and state laws
Which of the following is not an advantage of a sole proprietorship...
Which of the following is not an advantage of a sole proprietorship...
Easy to form
Don't have to share profit
Limited liability
A business owned by one person is a...
Corporation
Partnership
Sole Proprietorship
S Corp
Anything that includes the word prepaid is a(n)...
Asset
Liability
Owner's Equity
Revenue
Anything that includes the word receivable is a(n)...
Asset
Liability
Revenue
Expense
Accounts Payable is a(n)...
Asset
Liability
Owner's Equity
Revenue
Supplies is a(n)...
Asset
Liability
Owner's Equity
Revenue
Cash is a(n)...
Asset
Liability
Owner's Equity
Expense
After each transaction, the accounting equation must remain in balance.
True
False
