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CSEC Accounting Quiz 1

Total questions: 40

Worksheet time: 26mins

Name
Class
Date
1.

Double entry in accounting means there must be________ entries for every transaction?

a)

two

b)

Three

c)

six

d)

one

2.

Assets increase on the ________ side?

a)

subsidiary

b)

T-account

c)

credit

d)

debit

3.

A general Leger/T) has a ______ and _______ side.

a)

cash receipt and debtors

b)

debit and payments

c)

debit and credit

d)

creditors and debtors

4.

owners equity decreases on the _________ side?

a)

credit

b)

debit

c)

payments

d)

liability

5.

assets decreases on the _______ side?

a)

debit

b)

two

c)

credit

d)

sixth

6.

________ are debts of the business?

a)

assets

b)

liabilities

c)

owners equity

d)

vehicles

7.

Equipment are an example of an/a ______?

a)

loan

b)

asset

c)

liability

d)

owners equity

8.

trading stock is an/a ________?

a)

equity

b)

liabilities

c)

assets

d)

owners equity

9.

when the owner takes money out of the business's account it is called _________?

a)

credit

b)

drawings

c)

debt

d)

borrowing

10.

water and electricity is an/a __________?

a)

credit

b)

asset

c)

expense

d)

income

11.

rates and taxes are an/a ________?

a)

profit

b)

income

c)

VAT

d)

Expense

12.

_______ can also be in a form of assets?

a)

tax

b)

capital

c)

customers

d)

bank

13.

general ledgers are _________?

a)

VAT

b)

Mark-Up

c)

debit

d)

T-account

14.

opening balance is __________?

a)

balance of payments

b)

balance carried down

c)

balance broad-down

d)

money

15.
How would an accountant record an increase in cash?
a)
Debit
b)
Credit
16.
How would an accountant record an increase in sales?
a)
debit
b)
credit
17.
Expense
a)
debit
b)
credit
18.
credits on the
a)
left
b)
right
19.
The period of time covered by an accounting report is the accounting period.
a)
True
b)
False
20.
Any amounts owed by a business and reported on the balance sheet are referred to as ________________.
a)
assets
b)
liabilities
c)
profit
d)
expenses
21.
The basic accounting equation is Assets=Liabilities + _______________________.
a)
Income
b)
Owner's Equity
c)
Expenses
d)
Profit
22.
An increase in owner's equity resulting from the operation of a business
a)
asset
b)
expense
c)
withdrawl
d)
revenue
23.
Anything of value that is owned by the company (such as cash, accounts receivables, vehicles, etc.) are reported on the balance sheet and are referred to as _______________.
a)
assets
b)
liabilities
c)
profit
d)
income
24.

A __________ amount will appear on the left side of a T-account.

a)

Credit

b)

Debit

25.

An Asset is:

a)

Refers to items that are owned

b)

Refers to amounts that are owed to others

c)

Refers to amounts earned

26.

Accounts Payable is classified as a/an ___________ in the _____________.

a)

Current asset; Balance Sheet

b)

Current liability; Balance Sheet

c)

Expense; Income Statement

d)

Revenue; Income Statement

27.

Complete the following statement .Assets=....

a)

Owners equity +liabilities

b)

Bank + Owners equity

c)

Liabilities +Bank

28.

Sale is made to a customer on credit terms. Which of A,L,O/E isn'n part of the transaction?

a)

ASSETS

b)

LIABILITIES

c)

EQUITY

29.

Car is bought on credit from a supplier. Which of A,L,O/E is not part of the transaction?

a)

EQUITY

b)

ASSET

c)

LIABILITY

30.
An Asset is anything of value that is owned.
a)
True
b)
False
31.
A Liability is an amount owed by a business.
a)
True
b)
False
32.
Assets = Liability + Owner's Equity is known as _____________?
a)
The Accounting Conundrum
b)
The Accounting Equation
c)
The Accounting Problem
d)
The Accounting Equalizer
33.
Business Ethics is the use of ethics in making business decisions.
a)
True
b)
False
34.
Ethics is the principals of right and wrong that guide an individual in making decisions.
a)
True
b)
False
35.
An equation showing the relationship among assets, liabilities, and owners equity is referred to as the Mathmatical Equilibrium.
a)
True
b)
False
36.
Owner's Equity is the amount remaining after the value of all liabilities is subtracted from the value of all assets.
a)
True
b)
False
37.

What type of an account is Capital?

a)

ASSET

b)

LIABILITIES

c)

OWNER'S EQUITY

38.

Owner invests $1200 cash into their business.

Which 2 accounts are being affected?

a)

ACCOUNTS PAYABLE & CAPITAL

b)

CASH & ACCOUNTS PAYABLE

c)

CAPITAL & CASH

d)

CASH & SUPPLIES

39.

The accounting equation must always be

a)

balanced

b)

uneven

c)

zero

d)

equal to the square root of 5

40.

__________________ is the language of business.

a)

Finance

b)

Business Essentials

c)

Accounting

d)

English

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