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Accounting Worksheets Quiz1

Total questions: 20

Worksheet time: 10mins

Name
Class
Date
1.
Money spent
a)
income
b)
expense
c)
net income
d)
gross income
2.

An element of the income statement that informs the business of just how much money it is making

a)

Net income

b)

Creditors

c)

Revenue

d)

Income Statement

3.

Which one is right?

a)

Asset = Owner's equity + Liability

b)

Asset = Owner's equity - Liability

c)

Asset + Owner's equity = Liability

d)

Asset + Owner's equity = expense

4.

What's the order of three W?

a)

What - When - who

b)

Who - What - When

c)

When - Who - What

5.

Which of the following is a category or element of the balance sheet?

a)

Expenses

b)

Gains

c)

Liabilities

d)

Losses

6.

If OE is $300 and Assets are $1500, the Liabilities are:

a)

$1800

b)

$1200

c)

$300

d)

$1500

7.

From which accounting document is the trial balance prepared?

a)

Journals

b)

Ledgers

c)

Source documents

d)

Vouchers

8.

This is the process of transferring amounts from journals to ledgers.

a)

Classifying

b)

Posting

c)

Summarizing

d)

Recording

9.

This refers to the process of entering information in the journals which occurs immediately after the analysis phase of the accounting cycle.

a)

Adjusting

b)

Closing

c)

Journalizing

d)

Classifying

10.

Adjusting entries are necessary because accounts are allowed to become inaccurate between financial statement dates.

a)

True

b)

False

11.

When all closing entries have been posted, a net income will be shown on the:

a)

credit side of the Drawings account

b)

debit side of the Capital account

c)

credit side of the Capital account

d)

debit side of the Drawings account

12.
Adjusting entries must be posted to the general ledger accounts.
a)
True
b)
False
13.
Net income on a work sheet is calculated by subtracting the Income Statement Debit column total from the Income Statement Credit column total.
a)
True
b)
False
14.
Changes recorded on a worksheet to update general ledger accounts at the end of a fiscal period.
a)
adjustments
b)
alignments
c)
balances
d)
expenses
15.
The length of time for which a business summarizes financial information and reports its financial performance.
a)
fiscal period
b)
fiscal stage
c)
full year
d)
trial balance
16.
A columnar accounting form used to summarize the general ledger information needed to p prepare financial statements.
a)
balance sheet
b)
income statement
c)
worksheet
d)
trial balance
17.
Journal entries recorded to update general ledger accounts at he end of a fiscal period.
a)
adjusting entries
b)
controlled entries
c)
balance sheet
d)
income statement
18.
A financial statement showing the revenue and expenses for a fiscal period.
a)
balance sheet
b)
income statement
c)
worksheet
d)
fiscal period
19.
A proof of the equality of debits and credits in a general ledger.
a)
net income
b)
trial entry
c)
income statement
d)
trial balance
20.
The difference between total revenue and total expenses when total expenses are greater.
a)
income statement
b)
net income
c)
net loss
d)
work sheet

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