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WorksheetsBASIC ACCOUNTING
Total questions: 10
Worksheet time: 5mins
Name
Class
Date
1.
Accounting is referred to as the "language of ___________________."
a)
profit
b)
life
c)
accounting
d)
business
2.
The left side of a T-Account is called
a)
Debit
b)
Credit
c)
Left Side
d)
Right Side
3.
The name given to an account
a)
account title
b)
capital
c)
expense
d)
revenue
4.
Amount owed by a business
a)
liability
b)
asset
c)
capital
d)
account
5.
What is assets?
a)
Cash in the business
b)
Anything that a creditor has financial claim to
c)
What remains after liabilities are paid
d)
any item or property owned by the business
6.
It is the art of analyzing financial transactions and economic events, recording them, classifying them into accounts, summarizing them, reporting, and interpreting the results.
a)
Bookkeeping
b)
Journalizing
c)
Accounting
d)
Auditing
7.
How would an accountant record an increase in cash?
a)
Debit
b)
Credit
8.
How would an accountant record an increase in sales?
a)
debit
b)
credit
9.
A list of accounts used by a business.
a)
accounting equation
b)
chart of accounts
c)
temporary accounts
d)
permanent accounts
10.
An accounting device used to analyze transactions.
a)
T account
b)
temporary account
c)
personal account
d)
permanent account
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