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WorksheetsAccounting Basics
Total questions: 37
Worksheet time: 19mins
Which type of class does an Accounting class most closely resemble?
Math
History
Foreign Language
Engineering
Accounting is called the language of:
Numbers
Equations
Accountants
Business
Which of the following tasks does a bookkeeper perform?
Analyze financial statements
Payroll
Pay Bills
Day-to-Day accounting functions
If a business prepares 'Annual' financial statements, how long is that period?
Weekly
3 Months
6 Months
12 Months
If a business prepares 'Quarterly' financial statements, how long is that period?
Weekly
Monthly
3 Months
12 Months
Which is the financial statement that shows how much a business owns, how much a business owes, and what a business is worth at any point in time?
Balance Sheet
Income Statement
Statement of Cash Flows
Which is the financial statement that shows how much a business earned in sales, how much it spent, and how much profit the business earned?
Balance Sheet
Income Statement
Statement of Cash Flows
Which statement shows all of the money coming into and out of a business, and shows how much actual cash a business has generated?
Balance Sheet
Income Statement
Statement of Cash Flows
What is a 'Chart of Accounts'?
A list of all assets and liabilities
A list of all revenue and expenses
A list of all business accounts
A list of all financial transactions
What is the most important thing to remember about Accounting?
Debits and Credits
Revenue and Expenses
The Accounting Principle
The Accounting Equation
What is the Accounting Equation?
Assets + Liabilities = Owner's Equity
Assets - Liabilities = Owner's Equity
Assets = Liabilities - Owner's Equity
Assets = Liabilities + Owner's Equity
Youtube has a valuation of approximately $160 billion. This is an example of:
Assets
Liabilities
Equity
Revenue
Expense
PewdiePie earned approximately $15 million in 2019. This is an example of:
Asset
Liability
Equity
Revenue
Expense
Look around our classroom. All of the furnishings, like desks and chairs, and computer equipment are considered to be:
Asset
Liability
Revenue
Expense
Equity
Our current national debt is approximately $26.7 Trillion dollars. This would be classified as:
Asset
Liability
Revenue
Expense
Equity
The KC Chief's quarterback, Patrick Mahomes, earns $45 Million per year. For the Kansas City Chiefs, this amount represents:
Assets
Liability
Revenue
Expense
Equity
The KC Chief's quarterback, Patrick Mahomes, earns $45 Million per year. For Patrick Mahomes, this amount represents:
Asset
Liability
Revenue
Expense
Equity
Jeffree Star earns approximately $20 Million per year. This amound would be considered:
Assets
Liability
Revenue
Expense
Equity
Activision spends about $50 Million to produce a new release of Call of Duty. This would be considered:
Asset
Liability
Revenue
Expense
Equity
Saudi Aramco is the most profitable company in the world. It has a net worth of approximately $2 Trillion, which is about twice the valuation of even Apple, MicroSoft, or Google. This is an example of:
Asset
Liability
Revenue
Expense
Equity
You earn $25 cutting a neighbor's grass. This amount would be considered:
Assets
Liability
Revenue
Expense
Equity
Your best friend bought your meal at McDonald's, and you promised to pay him/her back. For you, this amount is considered:
Asset
Liability
Revenue
Expense
Equity
McDonald's gives away sauce packets with the food you purchase. For McDonald's, these items are considered:
Asset
Liability
Revenue
Expense
Equity
You purchase the McDonald's Travis Scott meal for $6. For McDonald's, the $6 is considered:
Asset
Liability
Revenue
Expense
Equity
Which is NOT part of Accounting?
Financial Statements
Bookkeeping
Hiring/Employment Decisions
Financial Analysis
All of the following are examples of Expenses except:
Utilities
Office Supplies
Sales
Payroll
Which of the following statements are true about the Accounting Equation?
Accounting is a Double-Entry system
Whatever affects 1 account will also affect another account
Both sides of the Accounting Equation must ALWAYS balance
All of the Above
What is the acronym for the Accounting Equation?
AREV
OLEA
ALOE
OVAL
What does GAAP stand for?
Greatest Accounting and Priorities
General Accounting and Principles
Generally Acceptable Accountant Parts
Generally Accepted Accounting Principles
What does FASB stand for?
Financial Accounting Securities Book
Factual Accounting Savings Bankers
Financial Accounting Standards Board
Factual Accounting Standards Board
Which is NOT an External user of accounting data?
Investor
Creditor
Company President
Government
An EXTERNAL user of accounting data is:
Someone who works for the company
Someone outside of the company
An INTERNAL user of accounting data is:
Someone who works for the company
Someone outside of the company
Which is NOT an example of an INTERNAL user of accounting data:
Company owner
Company President
Bank loan officer
Company manager
Which is NOT a facet of business ethics?
Occasionally lying, if it's best for the business
Knowing right from wrong
Making the right choices every day
Reporting dishonest practices
Which is an example of an unethical accounting decision?
Accurately report business profits
Lying to employees and investors
Report every financial transaction
Accounting has become easier over the years because of advances in:
Information
Policies and Procedures
Technology
Business Opportunity
