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End of Term POA

Total questions: 57

Worksheet time: 43mins

Name
Class
Date
1.

A __________ amount will appear on the left side of a T-account.

a)

Credit

b)

Debit

2.

An Asset is:

a)

Refers to items that are owned

b)

Refers to amounts that are owed to others

c)

Refers to amounts earned

3.

Expenses are those items that are:

a)

Direct costs for producing goods

b)

Costs associated with operating a business

c)

All the company outflows

4.

Which of the following documents authorizes the purchase transaction?

a)

Credit memo from supplier

b)

Invoice or bill from supplier

c)

Purchase order

d)

Purchase requisition

5.

What is meant by accounts receivable?

a)

Money owed to a company by its debtors

b)

Money owed by a company to its creditors

c)

Money owed to a company by its employees

d)

Money owed by a company to its vendors

6.

Complete the following statement . Assets =

a)

Owners equity +liabilities

b)

Bank + Owners equity

c)

Liabilities +Bank

7.

Car is bought on credit from a supplier.

Which of A, L, or O/E is not part of the transaction?

a)

EQUITY

b)

ASSETS

c)

LIABILITIES

8.

Double entry in accounting means there must be________ entries for every transaction?

a)

two

b)

Three

c)

six

d)

one

9.

A general Leger/T) has a ______ and _______ side.

a)

cash receipt and debtors

b)

debit and payments

c)

debit and credit

d)

creditors and debtors

10.

Assets increase on the ________ side?

a)

subsidiary

b)

T-account

c)

credit

d)

debit

11.

assets decreases on the _______ side?

a)

debit

b)

two

c)

credit

d)

sixth

12.

________ are debts of the business?

a)

assets

b)

liabilities

c)

owners equity

d)

vehicles

13.

Equipment are an example of an/a ______?

a)

loan

b)

asset

c)

liability

d)

owners equity

14.

trading stock is an/a ________?

a)

equity

b)

liabilities

c)

assets

d)

owners equity

15.

when the owner takes money out of the business's account it is called _________?

a)

credit

b)

drawings

c)

debt

d)

borrowing

16.

water and electricity is an/a __________?

a)

credit

b)

asset

c)

expense

d)

income

17.

rates and taxes are an/a ________?

a)

profit

b)

income

c)

VAT

d)

Expense

18.

_______ can also be in a form of assets?

a)

tax

b)

capital

c)

customers

d)

bank

19.

general ledgers are _________?

a)

VAT

b)

Mark-Up

c)

debit

d)

T-account

20.

Assets = Liabilities - Owner's Equity is the accounting equation

a)

TRUE

b)

FALSE

21.

What type of an account is cash?

a)

ASSET

b)

LIABILITIES

c)

OWNER'S EQUITY

22.

What type of an account is Accounts Payable?

a)

ASSET

b)

LIABILITIES

c)

OWNER'S EQUITY

23.

What type of an account is Capital?

a)

ASSET

b)

LIABILITIES

c)

OWNER'S EQUITY

24.

Paid cash on Account- which 2 accounts are being affected?

a)

CASH & ACCOUNTS PAYABLE

b)

CASH & CAPITAL

c)

CASH & SUPPLIES

d)

SUPPLIES & ACCOUNTS PAYABLE

25.

Owner invests $1200 cash into their business.

Which 2 accounts are being affected?

a)

ACCOUNTS PAYABLE & CAPITAL

b)

CASH & ACCOUNTS PAYABLE

c)

CAPITAL & CASH

d)

CASH & SUPPLIES

26.

The accounting equation must always be

a)

balanced

b)

uneven

c)

zero

d)

equal to the square root of 5

27.

Bought supplies on account

Which 2 accounts are being affected?

a)

CASH & SUPPLIES

b)

SUPPLIES & CAPITAL

c)

ACCOUNTS PAYABLE & CASH

d)

ACCOUNTS PAYABLE & SUPPLIES

28.

__________________ is the language of business.

a)

Finance

b)

Business Essentials

c)

Accounting

d)

English

29.
How would an accountant record an increase in cash?
a)
Debit
b)
Credit
30.
How would an accountant record an increase in sales?
a)
debit
b)
credit
31.
Expense
a)
debit
b)
credit
32.
The period of time covered by an accounting report is the accounting period.
a)
True
b)
False
33.
Anything of value that is owned by the company (such as cash, accounts receivables, vehicles, etc.) are reported on the balance sheet and are referred to as _______________.
a)
assets
b)
liabilities
c)
profit
d)
income
34.

Purchased of supplies for cash

a)

Dr. Cash

Cr. Supplies

b)

Dr. Supplies

Cr. Accounts Payable

c)

Dr. Supplies

Cr. Cash

d)

Dr. Supplies

Cr. Income

35.

Investment by owner

a)

Dr. Cash

Cr. Revenue

b)

Dr. Owner's Capital

Cr. Cash

c)

Dr. Cash

Cr. Accounts Receivable

d)

Dr. Cash

Cr. Owner's Capital

36.

Payment of Telephone expenses

a)

Dr. Telephone

Cr. Cash

b)

Dr. Telephone

Cr. Accounts Payable

c)

Dr. Accounts Receivable

Cr. Telephone

d)

Dr. Cash

Cr. Telephone

37.

Received payment from service rendered

a)

Dr. Cash

Cr. Accounts Receivable

b)

Dr. Accounts Receivable

Cr. Cash

c)

Dr. Service Income

Cr. Cash

d)

Dr. Cash

Cr. Accounts Receivable

38.
Jeff's Construction, LLC bought a piece of equipment in 2001 for P 10,000. Today this piece of equipment is only worth P 2,000. Jeff would still report the equipment at its purchase price of P 10,000, less depreciation, even though its current fair market value is only P 2,000.
a)
Historical Principle
b)
Business Entity
c)
Accrual Principle
d)
Adequate Disclosure Principle
39.

Concept: a business's records should never be mixed with an owner's personal records and reports

a)

adequate disclosure

b)

business entity

c)

objective evidence

d)

going concern

40.

Concept: When a business activity is large enough to impact business decisions, it should be recorded clearly in the financial statements

a)

realization of revenue

b)

materiality

c)

unit of measurement

d)

consistent reporting

41.

Concept: Financial statements are prepared with the expectation that business will remain in operation indefinately

a)

going concern

b)

materiality

c)

accounting period cycle

d)

matching revenue with expenses

42.

Concept: The same accounting procedures must be followed in the same way each accounting period

a)

accounting period cycle

b)

objective evidence

c)

consistent reporting

d)

materiality

43.

Concept: Revenue is recorded at the same time goods or services are sold.

a)

realization of revenue

b)

the revenue principle

c)

going concern

d)

historical cost

44.

Concept: The revenue from business activities and the expenses associated with earning that revenue are recorded in the same accounting period

a)

adequate disclosure

b)

unit of measurement

c)

historical cost

d)

matching expenses with revenue

45.
The Matching Concept states that revenue should only be recognised when it is earned and not received. If a company sells goods on credit in March and receives payment in May, this would be shown in the sales figure for?
a)
The month the goods were sold.
b)
The month the goods were produced.
c)
The month the cash is creceived from the customer.
d)
None of the above.
46.

If opening stock is Rs. 50,000, purchase is Rs. 4,20,000 and closing stock is Rs. 30,000, then what is the cost of goods sold-

a)

Rs. 4,40,000

b)

Rs. 4,70,000

c)

Rs. 4,00,000

d)

Rs. 5,00,000

47.

The following are types of Income

a)

Sales

b)

Fees Received

c)

Salaries

d)

Staff Wages

e)

Advertising

48.

When a business owner invests in the business

a)

This increases equity

b)

This decreases equity

49.

The following can cause an increase in equity

a)

Owners investments +

b)

Drawings +

c)

Profit

d)

Loss

50.

The following can cause a decrease in equity

a)

Drawings +

b)

Loss

c)

Profit

d)

Income +

51.
______________________ is the transfer of journalized transactions to their accounts.
a)
Posting
b)
Recording
c)
Updating
d)
Journalizing
52.
Planning, recording, analyzing, and interpreting financial information
a)
accounting
b)
ethics
c)
transaction
d)
revenue
53.
Financial reports that summarize the financial condition and operations of a business
a)
financial statements
b)
ethics
c)
withdrawals
d)
equities
54.
Revenues minus expenses equals _____________________.
(Revenues-Expenses = _______________)
a)
Profit
b)
Overhead
c)
Income
d)
None of the above
55.
The _____________________________ is one of the main financial statement and reports the assets, liabilities, and owner's equity at a specific point in time.
a)
Income Statement
b)
Balance Sheet
c)
Income Worksheet
d)
Balance Worksheet
56.
When a company buys supplies on account, the cash account does what?
a)
Increases
b)
Decreases
c)
Stays the same
d)
There is no cash account
57.
The financial statement that reports the revenues and expenses for a period of time such as a year or a month is the:
a)
Balance Sheet
b)
Income Statement
c)
Statement of Cash Flows
d)
None of These

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