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WorksheetsIntro to Accounting
Total questions: 10
Worksheet time: 5mins
Name
Class
Date
1.
What type of an account is cash?
a)
ASSET
b)
LIABILITIES
c)
OWNER'S EQUITY
2.
What type of an account is Accounts Payable?
a)
ASSET
b)
LIABILITIES
c)
OWNER'S EQUITY
3.
What type of an account is Capital?
a)
ASSET
b)
LIABILITIES
c)
OWNER'S EQUITY
4.
The accounting equation must always be
a)
balanced
b)
uneven
c)
zero
d)
equal to the square root of 5
5.
The basic accounting equation is Assets=Liabilities + _______________________.
a)
Income
b)
Owner's Equity
c)
Expenses
d)
Profit
6.
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
7.
If the total liabilities is $15,000 and the total assets is $23,000, what is the total equity using the accounting equation?
a)
$ 38,000
b)
$ 8,000
c)
$ 15,000
8.
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
9.
The financial statement that reports the assets, liabilities, and stockholders' (owner's) equity at a specific date is the:
a)
Balance Sheet
b)
Income Statement
c)
Statement of Cash Flows
d)
Cash Statement
10.
Obligations (amounts owed) are reported on the balance sheet and are referred to as __________.
a)
Assets
b)
Liabilities
c)
Debt
d)
Owner Equity
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