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Mico Intro to Accounts Recap Quiz

Total questions: 60

Worksheet time: 28mins

Name
Class
Date
1.

What type of an account is cash?

a)

ASSET

b)

LIABILITIES

c)

OWNER'S EQUITY

2.

The accounting equation must always be

a)

balanced

b)

uneven

c)

zero

d)

equal to the square root of 5

3.

The accounting equation must always be

a)

balanced

b)

uneven

c)

zero

d)

equal to the square root of 5

4.

Something of value OWNED by the company is a

a)

Liability

b)

Asset

c)

Owner's Equity

5.

Something of value OWED by a company is called a(n)

a)

Asset

b)

Liability

c)

Owner's Equity

6.

Owners equity just refer to the Capital of the owner

a)

True

b)

False

7.

The following are liabilities .

a)

Bank Loan

b)

Stock / inventory

c)

Mortgage

d)

Accounts Payable

8.

Equity can also be called Capital

a)

TRUE

b)

FALSE

9.

When the business is owed money it is called

a)

Accounts Receivable

b)

Account Payable

10.

The following are expenses

a)

Insurance

b)

Salaries

c)

Sales

d)

Fees Received

e)

Petrol

11.

After transaction information has been recorded in the journal, it is transferred to the

a)

trial balance.

b)

income statement.

c)

book of original entry.

d)

ledger.

12.
An invoice used as a source document for recording a sale on account.
a)
source document
b)
sales invoice
c)
check
d)
entry
13.

A trial balance is a listing of

a)

transactions in a journal.

b)

the chart of accounts.

c)

general ledger accounts and balances.

d)

the totals from the journal pages.

14.

Issued by the seller to the buyer in the event of a credit transaction.

a)

Invoice

b)

Delivery Notes

c)

Debit Notes

d)

Credit Notes

e)

Purchase Order

15.

Issued by the seller to the buyer in the event of a credit transaction.

a)

Invoice

b)

Delivery Notes

c)

Debit Notes

d)

Credit Notes

e)

Purchase Order

16.
How many LEDs does the microbit have?
a)
15
b)
21
c)
23
d)
25
17.

What is something you already own (positive cash value)?

a)

asset

b)

liability

18.

What is debts you owe (negative cash value)?

a)

assets

b)

liabilities

19.

MONEY IN A SAVINGS ACCOUNT

a)

asset

b)

liability

20.

CAR LOAN

a)

asset

b)

liability

21.

DIRT BIKE

a)

asset

b)

liability

22.

CREDIT CARD BILL

a)

asset

b)

liability

23.

STOCK

a)

asset

b)

liability

24.

STOCK

a)

asset

b)

liability

25.

HOME VALUE

a)

asset

b)

liability

26.

HOME MORTGAGE

a)

asset

b)

liability

27.

Furniture is regarded as

a)

Assett

b)

Fixed Assett

c)

Liability

d)

Current Liability

28.
The Accounting Equation must always be in balance? 
a)
True
b)
False
29.
Purchases from a supplier on credit is a liability.
a)
True
b)
False
30.
For accounting purpose, the proprietor is a separate and distinct entity from the business.
a)
True
b)
False
31.
Assets 
a)
Anything owed by the company
b)
Anything owned of value by the company
32.
Cost incurred in its efforts to create revenue
a)
Expense
b)
 Revenue
c)
Withdrawal
d)
Liability
33.

If Assets are $7,300 and Liabilities are $500, how much is Capital?

a)

$7,800

b)

$7,300

c)

$6,800

34.

If Capital is $31,400 and Liabilities are $15,500, how much are Assets?

a)

$46,900

b)

$15,500

c)

$15,900

35.

If Assets are $19,500 and Capital is $14,300, how much are Liabilities?

a)

33,800

b)

$5,200

c)

$19,500

36.

If Assets are $40,000 and Liabilities are $23,000, how much is Capital?

a)

$63,000

b)

$17,000

c)

$23,000

37.

If Capital is $17,500 and Liabilities are $7,500, how much are Assets?

a)

$7,500

b)

$10,000

c)

$25,000

38.

If Liabilities are $15,425 and Assets are $32,350, how much is Capital?

a)

$16,925

b)

$15,425

c)

$47,775

39.

If Capital is $27,500 and Liabilities are $5,400, how much are Assets?

a)

$32,900

b)

$27,500

c)

$22,100

40.

If Assets are $15,500 and Capital is $9,600, how much are Liabilities?

a)

$5,900

b)

$15,500

c)

$25,100

41.

If Liabilities are $23,000 and Capital is $9,750, how much are Assets?

a)

$23,000

b)

$32,750

c)

$13,250

42.

Assets= Capital+--------------.

(a)  

43.

What will happen to liabilities when a business takes out a loan?

a)

Loans will increase

b)

No effect

c)

Loans will decrease

44.

Double entries implies that

a)

Recording entries in journal

b)

Recording entries in ledger account

c)

Recording two aspects of every transactions

d)

Recording every transaction in books

45.

The Accounting Equation

a)

Assets= Liability + Owners Equity

b)

Liability= Assets + Owners Equity

c)

Owners Equity= Assets - Liability

d)

Assets= Liability- Owners Equity

46.

Identify assets account

a)

Cash

b)

Account Payable

c)

Account Receivable

d)

Land

e)

Bank loan

47.

Identify liabilities account

a)

Account Receivable

b)

Account Payable

c)

Capital

d)

Loan

e)

Revenue

48.

Which of the following is not a plant asset?

a)

Land

b)

Buildings

c)

Equipment

d)

Accounts Payable

49.

Whats the difference between a current and non current asset

a)

One is held for 12 months, whereas the other is held for a period greater than 12 months

b)

there is no difference

c)

one has a 'non' infront of it

d)

One is a present economic resource whereas the other isn't a present economic resource

50.

Cash

a)

Non Current Asset

b)

Non Current Liability

c)

Current Asset

d)

Current Liability

51.

Inventory

a)

Non Current Asset

b)

Non Current Liability

c)

Current Asset

d)

Current Liability

52.

Overdraft

a)

Non Current Asset

b)

Non Current Liability

c)

Current Asset

d)

Current Liability

53.

Payables (Creditors)

a)

Non Current Asset

b)

Non Current Liability

c)

Current Asset

d)

Current Liability

54.

Receivables (Debtors)

a)

Non Current Asset

b)

Non Current Liability

c)

Current Asset

d)

Current Liability

55.

Premises

a)

Non Current Asset

b)

Non Current Liability

c)

Current Asset

d)

Current Liability

56.

Dividends

a)

Non Current Asset

b)

Non Current Liability

c)

Current Asset

d)

Current Liability

57.

Vehicles

a)

Non Current Asset

b)

Non Current Liability

c)

Current Asset

d)

Current Liability

58.

Mortgage

a)

Non Current Asset

b)

Non Current Liability

c)

Current Asset

d)

Current Liability

59.

Machinery

a)

Non Current Asset

b)

Non Current Liability

c)

Current Asset

d)

Current Liability

60.

Money in the Bank

a)

Non Current Asset

b)

Non Current Liability

c)

Current Asset

d)

Current Liability

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