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WorksheetsAccounting I
Total questions: 50
Worksheet time: 38mins
Entries in the journal are listed in ...........
liquidation order
ledger order
account order
chronological order
Another name for accounts payable is.....
liability
asset
equity
customer
Accounts Receivable is classified as a.......
asset
liability
equity
revenue
The accounting equation is.........
Asset=Liabiity-Owner's Equity
Asset=Liability +Owner's Equity
Asset+Liability=Owner's Equity
Asset=Liability=Owner's Equity
Another name for Revenue is......
Accounts Receivable
Accounts Payable
Sales
Expense
This list of account classifications, account titles and account numbers is........
General Ledger
Chart of Table
Chart of Accounts
Chart of Revenue
Cash is classified as......
Asset
Liability
Revenue
Expense
Drawing is classified as.......
Liability
Equity
Revenue
Asset
Capital is classified as....
Asset
Expense
Liability
Equity
The two types of equity are.....
Asset and Expense
Liability and Owner's Equity
Asset and Liability
Revenue and Expense
The book of accounts that contains all accounts needed for a business is called a .....................
General Journal
Combination Journal
General Ledger
Proof
Left is the same as....
chronological
credit
ledger
debit
Right is the same as........
account title
special column
journal
credit
The amount of money in an account is the ....
account balance
account entry
account ledger
account journal
A skeleton form used to analyze an account is a............
special column
general ledger
T-account
journal
Sales on account will affect these accounts....
Sales and and Accounts Receivable
Sales and Cash
Accounts Receivable and Cash
Accounts Payable and Cash
Paid cash on account will affect these accounts....
Cash and Expense
Cash and Accounts Receivable
Cash and Accounts Payable
Accounts Payable and Sales
Received cash from sales will affect these accounts....
Cash and Supplies
Supplies and Sales
Sales and Cash
Accounts Payable and Accounts Receivable
The purpose of the Post Reference Column in the General Ledger is to ........
indicate the account number of the posting.
indicate the placement in the chart of accounts.
indicate the journal from which the information was taken for the posted item.
indicate the account is up-to-date with its balance.
The purpose of the Post Reference column in the Journal is to ......
indicate the account has been posted with entry.
indicate the journal page number.
indicates the debit.
indicates the credit.
What is the purpose of (410) at the bottom of a special column....
indicates that the amount has been posted to cash debit.
indicates that the amount has been posted to cash credit.
indicates that nothing needs to be posted.
indicates the total of the Sales column has been posted.
In the journal, which columns have a (checkmark) beneath the total?
General Debit and Cash Debit
General Debit and General Credit
Sales Credit and Cash Credit
Sales Credit and Cash Debit
What does the (checkmark) mean when located in the Post Reference Column of the journal?
There is no entry in the General Columns that need posting.
The entry has already been posted.
The entry must still be posted.
The entry from the General Columns have been posted.
Which columns in the journal are considered special amount columns?
General Debit and General Credit
Cash Debit and Cash Credit
Sales Credit, Cash Credit and General Credit
Sales Credit, Cash Debit and Cash Credit
Which accounts are used to record the payment of cash for insurance?
(a)
Posting is......
transferring information to the journal.
transferring information to the chart of accounts.
transferring information to the t-accounts.
transferring information to the general ledger.
The two proofs that journal transactions are correct are (a)
What does the acronym CPA represent?
(a)
What does the acronym GAAP represent?
(a)
Single owner of a business is called........
Proprietorship
Partnership
Corporation
Stockholder
A business that completes work to earn revenue is a.....
merchandising business
blind partnership
service business
equity shared business
Which is not an asset?
Sales
Accounts Receivable
Prepaid Insurance
Supplies
Which is not the same?
Accounts Receivable
vendor
liability
Accounts Payable
Spending money to increase the revenue in a business is called an.......
asset
equity
expense
revenue
Increasing the equity of a business is done by.......
expenses
revenues
withdrawals
prepaid insurance
An asset taken out of a business by the owner is called a.....
capital
sales
drawing
on account
What would be the normal balance of assets?
debit
credit
What would be the normal balance of liabilities?
debit
credit
What would be the normal balance of Capital?
debit
credit
What would be the normal balance of drawing?
debit
cedit
What would be the normal balance for Sales?
debit
credit
What would be the normal balance for expenses?
debit
credit
The amount in an account is the....
account title
account number
account balance
account posting
Temporary Owner's Equity accounts include...
Sales, Drawing and Expenses
Sales, Prepaid Insurance and Expenses
Sales, Accounts Payable and Expenses
Sales Accounts Receivable and Expenses
Which accounts cause Owner's Equity to decrease?
Drawing and Capital
Capital and Cash
Drawing and Expenses
Drawing and Sales
Accounts Receivable represents....
vendors
liabilities
temporary owner's equity
customers
An example of a transaction in the journal with a checkmark in the account title column would be.......
Sold services on account.
Received cash on account.
Paid cash for expense.
Received cash from sales.
Which is not a source document?
check stub
sales invoice
journal
memorandum
Which transaction is an example of a two-line entry?
Bought supplies with cash.
Paid cash for supplies.
Bought supplies on account.
Sold services on account.
What is the source document for a transaction where cash was received from the owner as an investment?
Tape
Invoice
Receipt
Check
