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End of Term Assessment

Total questions: 30

Worksheet time: 8hrs 30mins

Name
Class
Date
1.

Which of the following is an example of an asset?

a)

Vehicle

b)

Electricity

c)

Mortgage

2.

Which of the following is an example of a liability?

a)

Loan

b)

Building

c)

Sales

d)

Accounts receivable

3.

Which of the following is an example of an expense?

a)

Machinery

b)

Bank

c)

Petrol

4.

The Accounting Entity means...

a)

the business is a separate accounting entity from its owner.

b)

the business is not a separate accounting entity from its owner.

c)

the owner has permission to takes finance from the business and spend it on personal expenses

5.

________ is recording, analyzing, and interpreting financial information there off.

a)

Accounting

b)

Balance Sheet

c)

Income statement

d)

revenue

6.

Owners of business firms are the only people who need accounting information.

a)

True

b)

False

7.
Assets taken out of a business for the owner's personal use
a)
capital
b)
withdrawals
c)
equities
d)
revenue
8.
Amount owed by a business
a)
liability
b)
asset
c)
capital
d)
account
9.
A business activity that changes assets, liabilities, or owner's equity
a)
transaction
b)
expense
c)
revenue
d)
sale on account
10.
Anything of value that is owned
a)
account
b)
asset
c)
withdrawal
d)
expense
11.
The amount in an account
a)
account title
b)
revenue
c)
account balance
d)
accounting records
12.
The account used to summarize the owner's equity in a business
a)
account
b)
expense
c)
capital
d)
revenue
13.
Revenues minus expenses equals _____________________.
(Revenues-Expenses = _______________)
a)
Profit
b)
Overhead
c)
Income
d)
None of the above
14.
The basic accounting equation is Assets=Liabilities + _______________________.
a)
Income
b)
Owner's Equity
c)
Expenses
d)
Profit
15.
Assets taken out of a business for the owner's personal use
a)
capital
b)
withdrawals
c)
equities
d)
revenue
16.

Following the correct accounting procedures, according to moral values and company ethical standards when available is __________________________________.

a)

ACCOUNTING ETHICS

b)

ENRON

c)

ARTHUR ANDERSEN

d)

BERNIE MADOFF

17.

Started a business with $25000 cash

a)

Debit Cash /Credit Capital

b)

Credit Capital/Debit Cash

18.

Bought office furniture by cheque $1500

a)

Credit Bank / Debit Office Furniture

b)

Debit Office Furniture/Credit Bank

19.

Bought machinery $7500 on credit for Planer Ltd.

a)

Debit Planer Ltd./ Credit Machinery

b)

Debit Machinery/ Credit Planer

20.

Bought motor van paying by cheque $6000

a)

Debit Motor Van/Credit Bank

b)

Debit Bank/ Credit Motor Van

21.

Bought more machinery by cheque $2800

a)

Debit Bank/Credit Machinery

b)

Debit Machinery/Credit Bank

22.

Took $500 out of the bank and put it into the cash till.

a)

Debit Cash/Credit Bank

b)

Debit Bank/Credit Cash

23.

Sold office machinery for cash

a)

Debit Cash/Credit Office Machinery

b)

Debit Office Machinery/Credit Cash

24.

The left hand side of the T-account is called the _______ side

a)

left hand side

b)

credit side

c)

debit side

d)

no side

25.

If a Litability increases, which side will be impacted?

a)

Debit

b)

Credit

26.

If an Asset increases, which side is impacted?

a)

Debit

b)

Credit

27.

If owners equity decreases, which side is impacted?

a)

Debit

b)

Credit

28.

If an Asset decreases, which side will be impacted?

a)

Debit

b)

Credit

29.

Select the impacted accounts. Mr. Schwan's business recieves supplies but has not paid for them yet.

a)

Asset Debit

b)

Asset credit

c)

Liability debit

d)

Liability Credit

e)

Owners Equity Credit

30.

Select the impacted accounts. Mr. Schwan's business sells a vehicle for cash

a)

Asset debit

b)

Asset credit

c)

Liability debit

d)

Liability credit

e)

Owners Equity credit

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