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Financial Accounting

Total questions: 27

Worksheet time: 21mins

Name
Class
Date
1.

Correct form of Accounting Equation is?

a)

Assets = Liabilities + Capital

b)

Assets + Liabilities = Capital

c)

Assets + Capital = Liabilities

d)

Assets - Capital = Liabilities

2.

Statement showing summary of all the assets and liabilities of a business is known as _________?

a)

Journal Book

b)

Ledger Book

c)

Trial Balance

d)

Balance Sheet

3.

Recording of Financial Transactions in Chronological Order is Known as _________?

a)

Ledger Posting

b)

Journal Entry

c)

Trial Balance

d)

Balance Sheet

4.

Select the Right options which are branches of Accounting?

a)

Financial Accounting

b)

Books Accounting

c)

Management Accounting

d)

Cost Accounting

5.

Which is not a part of Accounting System?

a)

Journal Books

b)

Ledger Books

c)

Trial Balance

d)

Slam Book

6.

Cash belongs to which account under accounting system?

a)

Personal

b)

Nominal

c)

Real

d)

Impersonal

7.

Which of the Following accounts are treated in Accounting

a)

Real

b)

Nominal

c)

Personal

d)

Fictional

8.

Which of the following items are shown in the assets side of the balance sheet?

a)

Machinery

b)

Cash in hand

c)

Bank Overdraft

d)

Buildings

9.

Amount invested in a business is called

a)

Investment

b)

Capital

c)

Asset

d)

Liability

10.

Unsold goods is called as

a)

Goods

b)

Purchases

c)

Stock

d)

Assets

11.

Copyrights, Patents and Trademarks are,

a)

A) Current assets

b)

B) Fixed assets

c)

C) Intangible assets

d)

D) Investments

12.

Rules for Real Account is

a)

Debit what comes in Credit what goes out

b)

Debit all Expenses and Lossess credit all incomes and gains

c)

Debit the receiver credit the giver

d)

None of the above

13.

The originator of Double Entry System

a)

Lucas Pacioli

b)

Marshall

c)

Pikles

d)

Batliboi

14.
Liabilities often have the word __________ in their account title.
a)
Assets
b)
Payable
c)
Paid
d)
Equity
15.
Unearned Revenues is what type of account?
a)
Asset
b)
Liability
c)
Stockholders' Equity
16.
Accounting entries involve a minimum of how many accounts?
a)
One
b)
Two
c)
Three
d)
Four
17.
Which term is associated with "left" or "left-side"?
a)
Debit
b)
Credit
c)
Plus
d)
Minus
18.
Which term is associated with "right" or "right-side"?
a)
Debit
b)
Credit
c)
Plus
d)
Minus
19.
When cash is received, the account Cash will be
a)
Debited
b)
Credited
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.
What will usually cause the liability account Accounts Payable to increase?
a)
Debit
b)
Credit
23.
Entries to expenses such as Rent Expense are usually
a)
Debits
b)
Credits
24.
Entries to revenues accounts such as Service Revenues are usually
a)
Debits
b)
Credits
25.
Revenues minus expenses equals:
a)
Assets
b)
Liabilities
c)
Owner Equity
d)
Net Income
26.
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
27.
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

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