WorksheetsAccounting Quiz Bee 1
Total questions: 10
Worksheet time: 8mins
When cash is received from a customer in payment for an account receivable, how are the elements of the accounting equation affected?
Decrease assets (cash and increase assets (accounts receivable)
Increase assets (cash) and decrease assets (accounts receivable)
Increase assets and increase liabilities
Increase assets and increase equity
The recording of financial transactions and events manually or electronically is called which of the following?
Bookkeeping
Budgeting
Auditing
Reporting
If at the end of the accounting period the liabilities total $18,000, and equity totals $32,000, then what must be the total of the assets?
$14,000
$18,000
$32,000
$50,000
The investment of cash in the business will result in which of the following?
An increase in cash and a decrease in equity
An increase in cash and an increase in equity
A decrease in cash and an decrease in liabilities
An increase in fees earned and an increase in equity
Withdrawals increase equity.
TRUE
FALSE
Purchasing equipment on account will have what effect on the components of the accounting equation?
Increase in equipment and a decrease in equity
Increase in equipment and an increase in equity
Increase in equipment and an increase in liabilities
Increase in equipment and a decrease in liabilities
Which of the following is not an equity account?
Owner's Capital
Owner's Withdrawals
Revenue
Unearned Revenue
An account titled Prepaid Rent would be classified as which of the following?
Asset account
Liability account
Revenue account
Expense account
Which of the following statements is true?
Journalizing precedes posting
Revenue accounts are increased by debit entries
Debit entries are entries involving the right-hand side on an account
Journalizing errors should be erased and a correct entry made
Total revenues were $105,000, total expenses, except for wage expense were $50,000, and net income was $35,000. What was the amount of wage expense?
$15,000
$20,000
$55,000
$70,000
