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Accounting Basics

Total questions: 47

Worksheet time: 26mins

Name
Class
Date
1.

Which of the following are Assets?

a)

Bank Account

b)

Bank Loan

c)

Vehicles

d)

Bank overdraft

e)

Furniture and fittings

2.

The following are liabilities .

a)

Bank Loan

b)

Stock / inventory

c)

Mortgage

d)

Accounts Payable

3.

Equity can also be called Capital

a)

TRUE

b)

FALSE

4.

When the business is owed money it is called

a)

Accounts Receivable

b)

Account Payable

5.

The following are expenses

a)

Insurance

b)

Salaries

c)

Sales

d)

Fees Received

e)

Petrol

6.

The following are types of Income

a)

Sales

b)

Fees Received

c)

Salaries

d)

Staff Wages

e)

Advertising

7.

When a business owner invests in the business

a)

This increases equity

b)

This decreases equity

8.

When the owner takes money out the business for personal use it is called

a)

Drawings

b)

Withdrawal

c)

Investment

9.

Assets - Liabilities = Equity

a)

TRUE

b)

FALSE

10.

The following can cause an increase in equity

a)

Owners investments

b)

Drawings

c)

Profit

d)

Loss

11.

The following can cause a decrease in equity

a)

Drawings +

b)

Loss

c)

Profit

d)

Income +

12.

If I invest $2000 in my own business this causes

a)

An increase of +$2000 in bank column

b)

An increase of +$2000 in Equity Column

c)

An increase in Income column of +$2000

13.

If I buy equipment for $1000 ....which 2 of the following columns will I write in

a)

This is a - $1000 in bank column

b)

This is a - $1000 in equipment column

c)

This is a + $1000 in equipment column

d)

This is a + $1000 in bank column

14.

If I take home $500 for personal use from my business which transactions will I carry out

a)

Decrease bank Column by - $500

b)

Increase bank Column by + $500

c)

Decrease Equity by - $500

d)

Increase Equity by + $500

15.

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

a)

two

b)

Three

c)

six

d)

one

16.

A T-account has a ______ and _______ side.

a)

cash receipt and debtors

b)

debit and payments

c)

debit and credit

d)

creditors and debtors

17.

Assets increase on the ________ side?

a)

subsidiary

b)

T-account

c)

credit

d)

debit

18.

owners equity decreases on the _________ side?

a)

credit

b)

debit

c)

payments

d)

liability

19.

assets decreases on the _______ side?

a)

debit

b)

two

c)

credit

d)

sixth

20.

Equipment are an example of an/a ______?

a)

loan

b)

asset

c)

liability

d)

owners equity

21.

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

a)

credit

b)

drawings

c)

debt

d)

borrowing

22.

water and electricity is an/a __________?

a)

credit

b)

asset

c)

expense

d)

income

23.

rates and taxes are an/a ________?

a)

profit

b)

income

c)

VAT

d)

Expense

24.

_______ can also be in a form of assets?

a)

tax

b)

capital

c)

customers

d)

bank

25.

current income is an _______ to the business?

a)

expense

b)

capital

c)

income

d)

credit

26.

________ are debts of the business?

a)

assets

b)

liabilities

c)

owners equity

d)

vehicles

27.

trading stock is an/a ________?

a)

equity

b)

liabilities

c)

assets

d)

owners equity

28.

When cash is received, the account Bank will be

a)

Debited

b)

Credited

29.

Cash or other items that can be converted into cast quickly

a)

fixed assets

b)

cash assets

c)

quick assets

d)

current assets

30.

The debts of a business

a)

assets

b)

debts

c)

liabilities

d)

equity

31.

Planning, recording, analyzing, and interpreting financial information

a)

Accounting

b)

Asset

c)

Liability

d)

Owner's Equity

32.

Anything of value that is owned

a)

Accounting

b)

Asset

c)

Liability

d)

Owner's Equity

33.

An amount owed by a business

a)

Accounting

b)

Asset

c)

Liability

d)

Owner's Equity

34.

The amount remaining after the value of all liabilities is subtracted from the value of all assets.

a)

Accounting

b)

Asset

c)

Liability

d)

Owner's Equity

35.

An accounting device used to analyze transactions

a)

T-Account

b)

Debit

c)

Credit

d)

Chart of Accounts

36.

An amount recorded on the left side

a)

T-Account

b)

Debit

c)

Credit

d)

Chart of Accounts

37.

An amount recorded on the right side

a)

T-Account

b)

Debit

c)

Credit

d)

Chart of Accounts

38.

What is the accounting equation?

a)

Assets + Liabilities = Owner's Equity

b)

Assets = Liabilities + Owner's Equity

c)

Assets = Liabilities - Owner's Equity

d)

Owner's Equity = Assets + Liabilities

39.

Assets are $50,000. Liabilities are $12,000. What is Owner's Equity?

a)

$38,000

b)

$62,000

c)

None of the Choices

40.

Assets are $120,000. Owner's Equity is $95,000. What is the Liability?

a)

$215,000

b)

$25,000

c)

None of the Choices

41.

Assets are $120,000. Owner's Equity is $95,000. What is the Liability?

a)

$215,000

b)

$25,000

c)

None of the Choices

42.

Liabilities are $20,000. Owner's Equity is $50,000. What are the Assets?

a)

$70,000

b)

$30,000

c)

None of the Choices

43.

What type of account is Cash?

a)

Asset

b)

Liability

c)

Owner's Equity

44.

What type of account is Accounts Payable?

a)

Asset

b)

Liability

c)

Owner's Equity

45.

What type of account is Capital?

a)

Asset

b)

Liability

c)

Owner's Equity

46.

Mrs. Smith invests $20,000 in her new company. Which of the following would be correct?

a)

+ $20,000 Cash; + $20,000 Mrs. Smith, Capital

b)

- $20,000 Cash; - $20,000 Mrs. Smith, Capital

c)

+ $20,000 Cash; - $20,000 Mrs. Smith, Capital

d)

- $20,000 Cash; + $20,000 Mrs. Smith, Capital

47.

Mrs. Smith bought $200 in supplies. Which of the following would be correct?

a)

+ $200 Cash; + $200 Supplies

b)

- $200 Cash; - $200 Supplies

c)

+ $200 Cash; - $200 Supplies

d)

- $200 Cash; + $200 Supplies

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