NEW
Font size
Worksheetsaccounting basics
Total questions: 10
Worksheet time: 2mins
The financial statement that reports the revenues and expenses for a period of time such as a year or a month is the
Balance Sheet
Income Statement
Statement of Cash Flow
The financial statement that reports the assets, liabilities, and stockholders' (owner's) equity at a specific date is the
Balance Sheet
Income Statement
Statement of Cash Flows
Under the accrual basis of accounting, revenues are reported in the accounting period when the
Cash Is Received
Service Or Goods Have Been Delivered
Assets are usually reported on the balance sheet at which amount?
Cost
Current Market Value
Expected Selling Price
Present Value
Under the accrual basis of accounting, expenses are reported in the accounting period when the
Cash Is Paid
Expense Matches The Revenues Or Is Used Up
both correct
none of the above
The personal assets of the owner of a company will not appear on the company's balance sheet because of which principle/guideline?
Cost
Economic Entity
Monetary Unit
Conservatism
Which principle/guideline justifies a company violating an accounting principle because the amounts are immaterial?
Conservatism
Full Disclosure
Materiality
Public utilities' balance sheets list the plant assets before the current assets. This is acceptable under which accounting principle/guideline?
Conservatism
Cost
Industry Practices
A corporation pays its annual property tax bill of approximately $12,000 in one payment each December 28. During the year, the corporation's monthly income statements report Property Tax Expense of $1,000. This is an example of which accounting principle/guideline?
Conservatism
Matching
Monetary Unit
Which principle/guideline is associated with the assumption that the company will continue on long enough to carry out its objectives and commitments?
Economic Entity
Going Concern
Time Period
Full Disclosure
