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WorksheetsFIVE MAJOR ELEMENTS
Total questions: 25
Worksheet time: 17mins
Asset account title for tables, chairs, lighting fixture and wall decors.
Office equipment
Furniture and fixtures
Supplies
Accounts receivable
The asset account title for typewritter, air conditioner, calculator, filing cabinet, computer, electric fan, trucks, cars used in business
Furnitures and fixture
Equipment
Building
Notes receivable
The asset account representing the amounts owned by charge customers evidenced by a promissory note.
Supplies
Accounts receivable
Notes receivable
Cash
(a) - the asset account for edifice, structure used to house the office, store or factory.
(a) - the asset account title for the lot used by the business on which a building can be constructed.
Asset account title for non-monetray assets without physical substance helf for use in the production or supply of goods, for rental to others, or for the production or supply of goods. Example of these are goodwill, patents, copyrights.
Rent Income
Supplies
Tangible assets
Intangible assest
(a) - a liability account title as evidenced by a certificate of indebtedness under the seal of a corporation.
Liability account title which consist of debts arising from acquisition of services on account.
(a)
Obligations of the business arising from advance payments received before services are provided to the customer.
(a)
Debts arising from purchase of an asset on account evidenced by a promissory note.
(a)
Amounts owed to others for expenses already incurred but not yet paid.
Accrued expense
Accrued liabilities
Unearned income
Accounts payable
Expense related to the use of fuel, electricity, water and telecommunications facilities.
Utilities expense
Supplies expense
Interest expense
Insurance expense
Expired portion of premiums paid on insurance coverage.
Supplies Expense
Utilities expense
Insurance expense
Premiums expenses
Payments made to employees for rendering services to the company.
Utilities expense
Employee expense
Rendering expense
Salaries and wages expense
Why must ASSETS be ALWAYS equal to liabilities and owner's equity?
Which of the following are ASSET accounts?
Land
Cash
Accounts Payable
Notes receivable
Whic of the following are NON-CURRENT liabilities? (More than one asnwer.)
12-months Bonds Payable
Mortgage Payable
10-year Bank Loan
18-months Bonds payable
Which of the following are CURRENT ASSETS? (Choose all that applies.)
Cash
Accounts receivable
Inventories
Supplies
Which of the following are accounts titles in the INCOME STATEMENT. (Choose all that applies.)
Service revenue
Salaries Expense
Allowance for Doubtful Accounts
Rent expense
The account title used for the income earned or generated by the business in performing SERVICES to clients
(a)
These are the expenses charged to the total amount of accounts receivable to get the net realizable value. (Choose all that applies.)
Uncollectible accounts expense
Doubtful accounts expense
Bad debts expenses
Allowance for bad Debts
These are elements of a BALANCE SHEET. (Choose all that applies.)
Assets
Liabilities
Income
Equity
The most liquid of all assets because they are readily available for use in the operation of the business.
(a)
These are the accounts deducted from the related fixed asset account.
Fixed Asset expense
Deduction expenses
Contra-asset accounts
None of the above
These are tangible assets that are held by an enterprise for use in the production or supply of goods or services, or for administrative purposes.
Long-term investment
Enterprise investment
Property, plant and equipment
None of the above
