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WorksheetsRecording Financial Transactions
Total questions: 15
Worksheet time: 21mins
What type of account is Accounts Payable?
Assets
Expenses
Liabilities
Revenues
What type of account is Account Receivable?
Assets
Expenses
Liabilities
Revenues
What type of account is
"Prepaid Insurance"?
Owner's Equity
Expenses
Assets
Liabilities
A listing of the accounts in order to determine whether debits are equal to credits is a (a)
The book of original entry is the definition of a __________.
Journal
Ledger
When a sale is made on credit, the seller will debit the asset account "Accounts (a) "
Financial accounting is focused on the __________ financial statements of a company.
Internal
External
The accounting equation is Assets = (a) + Owner's Equity.
The profitability of a company for a specified period of time is reported on the (a) statement.
Which financial statement's structure is closest to that of the basic accounting equation?
Income Statement
Statement Of Stockholders’ Equity
Balance Sheet
Statement Of Cash Flows
To increase the balance in the following accounts, would you debit the account or would you credit the account?
"Accounts Receivable"
Debit
Credit
To decrease the balance in the following accounts, would you debit the account or would you credit the account?
"Mary Smith, Capital"
Debit
Credit
What is the normal balance for the following accounts?
"Unearned Revenue"
Debit
Credit
A (a) is a financial statement that summarizes the amount of cash and cash equivalents entering and leaving a company.
Invoice is written by:
Buyer
Supplier
