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WorksheetsAccounting Game
Total questions: 50
Worksheet time: 27mins
What is an asset in accounting?
property owned by a person or company, regarded as having value and available to meet debts, commitments, or legacies.
a useful or valuable thing, person, or quality.
military equipment, such as planes, ships, communications and radar installations, employed or targeted in military operations.
What is a liability in accounting?
the state of being responsible for something, especially by law.
a person or thing whose presence or behavior is likely to cause embarrassment or put one at a disadvantage.
a useful or valuable thing, person, or quality.
property owned by a person or company, regarded as having value and available to meet debts, commitments, or legacies.
What is owner's equity?
equity is ownership of assets that may have debts or other liabilities attached to them.
property owned by a person or company, regarded as having value and available to meet debts, commitments, or legacies.
the state of being responsible for something, especially by law.
What are accounts payable?
Loans that I have to pay
Loans that someone else has to pay to me
net worth
What are accounts receivable?
Loans that I have to pay
Loans that someone else has to pay to me
net worth
What is a balance sheet
loans I have to pay
A sheet of balances of accounts
net worth
What is capital in accounting?
The first letter of a sentence
money
Pittsburgh, PA
What is revenue?
income
profit
money that you gain
What is profit?
The amount of revenue that exceeds expenses
income
revenue
What is an expense?
Money that is spent
Money that is gained
Revenue minus expenses
What is an accounts chart?
Chart with all account stated without balances
Chart of all transactions
chart of all balances
What section does revenue go into?
Assets
Liabilities
owners equity
What section do expenses do
Assets
Liabilities
Owners Equity
What section does capital go into?
Asset
Liabilities
Owner's Equity
What section does account payable go into?
Assets
Liabilities
Owner's Equity
What section does cash go into?
Assets
Liabilities
Owner's Equity
What section does account receivable go into?
Assets
Liabilities
Owner's Equity
Do assets increase on the debit or credit side?
Debit
Credit
Neither
Do assets decrease on the debit or credit side?
Debit
Credit
Neither
Do liabilities increase on the credit or debit side?
Debit
Credit
Neither
Do liabilities decrease on the debit or credit side?
Debit
Credit
Neither
Do capital and expenses increase on the debit or credit side?
debit
credit
neither
Do capital and expenses decrease on the debit or credit side?
Debit
Credit
Neither
Does revenue increase on the debit or credit side?
Debit
Credit
Neither
Does revenue decrease on the debit or credit side?
debit
credit
neither
What is the equation for balancing transactions?
Assets+Liabilities=Owners Equity
Assets=Liabilities+Owner's equity
Assets=Liabilities-Owner's Equity
What is the equation for net worth?
Assets-liabilities=Net worth
Assets+Owner's Equity= Net worth
Assets+Liabilites=Net worth
A check is considered _ _ _ _
(a)
Which of the following are in the assets category?
cash
owner's equity
accounts payable
account receivable
Car wash equipment
What goes into the owner's equity category?
Revenue
Expenses
Capital
Assets
Accounts payable
What does nonprofit mean?
A company not driven by profit
A company is driven by profit
What is a withdrawal?
Money that is withdrawn
Money that is deposited
interest
A creditor's claim to the property of an individual or business is called-
(a)
The money a business earns is (a)
The equation for accounting is Assets + Liabilities = owners equity
True
False
Cash withdrawals decrease the owner's equity and assets?
True
False
Does equipment go into assets?
True
False
Is revenue a temporary or permanent account?
Temporary
permanent
Are withdrawals temporary or permanent accounts?
temporary
permanent
Is capital temporary or permanent?
Temporary
Permanent
I rent an expense or revenue
expense
revenue
Owners equity and assets should be equal
True
False
What words are related to accounting?
Funds
withdrawal
expense
revenue
capital
If I purchase something on an account, which account does it go into?
accounts payable
accounts receivable
If someone purchases something from me on account, which account does it go into?
accounts receivable
accounts payable
If I invest $40,000 dollars into my business, where do I credit debit?
Cash
owners equity
accounts receivable
If I buy a car on account, which account does it go to that is not cash?
accounts payable
accounts receivable
cash
If I withdraw money from my business, what section is it taken away from?
Owners equity
assets
liabilities
If Hot Suds car wash buys a car wash system from me, which account is it added to?
Accounts receivable
capital
accounts payable
If I buy a car wash system, which accounts are credited debit?
Car wash equipment
Cash
accounts receivable
