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Accounting

Total questions: 55

Worksheet time: 20mins

Name
Class
Date
1.

What type of an account is cash?

a)

ASSET

b)

LIABILITIES

c)

OWNER'S EQUITY

2.

Assets=Liabilities+Owner's Equity is the accounting equation

a)

TRUE

b)

FALSE

3.

What type of an account is Accounts Payable?

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.

Double entry in accounting means there must be at more than ........ entry/entries for every transaction?

a)

two

b)

Three

c)

six

d)

one

6.

What type of an account is Capital?

a)

ASSET

b)

LIABILITIES

c)

OWNER'S EQUITY

7.

Assets increase on the ________ side?

a)

subsidiary

b)

T-account

c)

credit

d)

debit

8.

assets decreases on the _______ side?

a)

debit

b)

two

c)

credit

d)

sixth

9.

________ are debts of the business?

a)

assets

b)

liabilities

c)

owners equity

d)

vehicles

10.

Equipment are an example of an/a ______?

a)

loan

b)

asset

c)

liability

d)

owners equity

11.

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

a)

credit

b)

drawings

c)

debt

d)

borrowing

12.

rates and taxes are an/a ________?

a)

profit

b)

income

c)

GST

d)

Expense

13.

sales is a/an _______ account?

a)

revenue

b)

capital

c)

drawing

d)

credit

14.
Resources owned by a company (such as cash, accounts receivable, vehicles) are reported on the balance sheet and are referred to as __________.
a)
Assets
b)
Liabilities
c)
Owner Equity
d)
Equity
15.
Which term is associated with "left" or "left-side"?
a)
Debit
b)
Credit
c)
Plus
d)
Minus
16.

owners equity decreases on the _________ side?

a)

credit

b)

debit

c)

payments

d)

liability

17.

water and electricity is an/a __________?

a)

credit

b)

asset

c)

expense

d)

income

18.
When cash is received, the account Cash will be
a)
Debited
b)
Credited
19.
Which term is associated with "right" or "right-side"?
a)
Debit
b)
Credit
c)
Plus
d)
Minus
20.
When a company pays a bill, the account Cash will be
a)
Debited
b)
Credited
21.
What will usually cause an asset account to increase?
a)
Debit
b)
Credit
22.

The owner gives the business a car, what 2 types of accounts will be affected, and how?

a)

Owner's Equity

credited

b)

Owner's Equity debited

c)

Asset debited

d)

Asset credited

23.
Entries to expenses such as Rent Expense are usually
a)
Debits
b)
Credits
24.

By nature, which 2 accounts are debit

a)

Owner's equity

b)

Asset

c)

Expenses

d)

Revenue

25.

What are the 2 type of Owner's Equity accounts

a)

withdrawings

b)

holdings

c)

capital

d)

drawings

26.

The presumption the owners and the business finances are kept separate

a)

Accounting Equation

b)

Accounting Entity Assumption

c)

Accounting Equity Assumption

d)

The Owners' Equity Assumption

27.

Accounts Receivable is a/an

a)

Liability

b)

Asset

c)

Expense

d)

Capital

28.

An Asset increasing is a

a)

Great lyric

b)

Good song

c)

Debit

d)

Credit

29.

The business sells a car, what 2 types of accounts will be affected and how?

a)

Asset debited

b)

Expense debited

c)

Asset credited

d)

Expense credited

30.
How would an accountant record an increase in sales?
a)
debit
b)
credit
31.

Retail is:

a)

the sale of goods to the businesses in relatively large quantities for use or consumption rather than for resale.

b)

the sale of goods to the public in relatively small quantities for use or consumption rather than for resale.

c)

business to business transactions

d)

consumer to consumer transactions

32.

The term for how easily an asset can be converted to cash:

(a)  

33.

What are some benefits of accounting software:

a)

Costs money

b)

Saves time

c)

Easy to use

d)

Makes professional looking invoices and financial statements

34.

The 2 main financial statements of a business are:

a)

Profit Statement

b)

Profit and Loss Statement

c)

Balance Sheet

d)

Balance Statement

35.

A Balance Sheet

a)

Lists the expenses and revenue of the business

b)

lists the owners equity and liabilities of the business

c)

shows the assets, liabilities and owners equity of the business

d)

shows the profit of the business

36.

What are some negatives of accounting software:

a)

Easy to use

b)

Costs money

c)

Data security

d)

Need to be an accountant

37.

A profit and loss statement

a)

shows the revenue and expenses of the business

b)

shows the accounts of the business

c)

shows the owners equity in the business

d)

lists the assets of the business

38.

Profit is

a)

assets - revenue

b)

revenue - expenses

c)

OE - L

d)

the income of the business

39.

Petty cash is used for

a)

large purchases for the business

b)

all purchases of the business

c)

small purchases for the business

d)

the payment of invoices

40.

Who may be interested in the accounts of a business?

a)

Investors

b)

Owners

c)

Government

d)

Neighbours

41.

What is accounting?

a)

A fun way to pass the time

b)

Something to do with money

c)

The process of identifying, measuring, interpreting and communicating financial and other information to interested parties

d)

The process of typing and recording financial and other information to report to the government

42.

What are financial records?

a)

documents that provide evidence of or summarise business transactions

b)

things to play music on

c)

documents used as evidence in a trial

d)

tax receipts

43.

This business appears to be going well

a)

True

b)

False

44.

Why is an asset debit by nature?

a)

It isn't

b)

I don't know

c)

It just is

d)

I don't care

45.

What was the profit in 2017

(a)  

46.

What was the sales in 2016?

(a)  

47.

Examples of retail stores include

a)

Woolworths

b)

K Mart

c)

Coke

d)

Rebel

48.

In REALO, the R stands for

(a)  

49.

Classify the following:

Office Supplies

(a)  

50.

Classify the following:

Motor Vehicles

(a)  

51.

Classify the following:

Capital

(a)  

52.

Classify the following:

Rent Income

(a)  

53.

Classify the following:

Interest Received

(a)  

54.

Classify the following:

Stamps

(a)  

55.

Profit =

a)

Revenue - Liabilities

b)

Assets + Liabilities

c)

Revenue - Expenses

d)

OE + Expenses

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