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WorksheetsDIPACC Competition 13 November 2022
Total questions: 25
Worksheet time: 27mins
Chart of Accounts
Journal
Ledger
Credit Ledger
Income can be defined as _______
cost of operating a business.
money earned from operating a business.
cost of buying new equipment.
capital for a business
Expenses can be defined as ________
the cost of operating a business.
money earned when operating a business.
cost of buying new equipment for a business.
money invested in the business
What is net profit?
assets - liabilities
revenue - cost of goods
revenue - cost of goods sold - expenses
income - profit
Salaries and wages is an __________?
equity
asset
expense
income
Revenues minus Cost of Goods Sold equals:
Assets
Expenses
Income
Gross Profit
Balance Sheet
Income Statement
Statement of Cash Flows
Trial balance
Resources owned by a company (such as cash, accounts receivable, buildings) are referred to as __________.
Assets
Liabilities
Owner Equity
Expenses
Obligations (amounts owed) by the company to creditors are referred to as __________.
Assets
Liabilities
Revenue
Equity
Cash or other items that can be converted into cash quickly
fixed assets
current liabilities
expenses
current assets
What type of account is Accounts Payable?
Asset
Expense
Owner's Equity
Liability
Gym equipment is an example of a ______?
current asset
fixed asset
fixed liability
owners equity
When the owner takes money out from the business account for personal use it is called
Drawings
Capital
Investment
Shares
The financial statement that reports the assets, liabilities, and owner's equity at a specific date is the:
Balance Sheet
Income Statement
Statement of Cash Flows
Statement of Equity
What type of account is a Government business loan?
Current Asset
Fixed Liability
Owner's Equity
Fixed Asset
An example of an internal user for financial statements
Supplier
Customer
Financial accountant
Investor
matching principle
dual aspect principle
cost principle
going concern concept
Double entry in accounting means there must be________ entries for every transaction?
two
four
six
one
Assets increase on the ________ side?
subsidiary
T-account
credit
debit
Income increases on the _______ side?
debit
two
credit
sixth
Mrs. Alqatani bought SR200 in stationary and she paid with a debit card. Which of the following would be correct?
Dr Equity; Cr Expenses
Dr Expenses; Cr Liabilities
Dr Assets; Cr Liabilities
Dr Expenses; Cr Assets
The accounting equation is
Assets - Liabilities = Equity
TRUE
FALSE
Assets are SR50,000. Liabilities are SR20,000. What is Owner's Equity?
SR30,000
SR70,000
SR0
-SR30,000
The current ratio measures the _____ of the company
performance
liquidity
profitability
solvency
Which of the following is NOT a benefit of using technology in the accounting process?
It allows accounting work to be done quickly and accurately.
Documents can be generated automatically.
Cost of installation is very high.
There is quick updating of information.
