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Accounting Review

Total questions: 50

Worksheet time: 25mins

Name
Class
Date
1.
Accounting is referred to as the "language of ___________________."
a)
profit
b)
life
c)
accounting
d)
business
2.
The left side of a T-Account is called
a)
Debit
b)
Credit
c)
Left Side
d)
Right Side
3.
The name given to an account
a)
account title
b)
capital
c)
expense
d)
revenue
4.
Amount owed by a business
a)
liability
b)
asset
c)
capital
d)
account
5.
What is assets? 
a)
Cash in the business
b)
Anything that a creditor has financial claim to 
c)
What remains after liabilities are paid 
d)
any item or property owned by the business
6.

It is the art of analyzing financial transactions and economic events, recording them, classifying them into accounts, summarizing them, reporting, and interpreting the results.

a)

Bookkeeping

b)

Journalizing

c)

Accounting

d)

Auditing

7.
How would an accountant record an increase in cash?
a)
Debit
b)
Credit
8.
How would an accountant record an increase in sales?
a)
debit
b)
credit
9.
A list of accounts used by a business.
a)
accounting equation
b)
chart of accounts
c)
temporary accounts
d)
permanent accounts
10.
An accounting device used to analyze transactions.
a)
T account
b)
temporary account
c)
personal account
d)
permanent account
11.

Which of the following item is not an asset.

a)

Cash at Bank

b)

Motor Vehicle

c)

Stationery

d)

Inventories

12.

A Bank Loan is classified as a:

a)

Revenue

b)

Expense

c)

Asset

d)

Liability

13.

For every transaction, both the aspects are effected.

a)

Single entry

b)

Double Entry

c)

Financial accounting

d)

Management accounting

14.

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

a)

credit

b)

drawings

c)

debt

d)

borrowing

15.

Which of the following items would not fall under the definition of an asset ?

a)

Creditors

b)

Debtors

c)

Cash

d)

Machinery

16.

The amount spent in order to produce and sell the goods and services which generates income is termed as

a)

Revenue

b)

Loss

c)

Expenses

d)

Liabilities

17.

Mr. Moonrise started a business for buying and selling of stationery with $500,000 as an initial investment. Of which he paid $100,000 for furniture, $200,000 for buying stationery items. The amount of capital will be

a)

$200,000

b)

$500,000

c)

$100,000

d)

$300,000

18.

Assets are recorded at their original purchase price according to the:

a)

Materiality Principle

b)

Historical Cost Principle

c)

Cost Benefit Principle

d)

Consistency Principle

19.

The owner invests personal cash in the business. Assets will.......

a)

Increase

b)

Decrease

c)

No effect

20.

The owner withdraws cash from the business for personal use. Owner's Equity will...........

a)

Increase

b)

Decrease

c)

No Effect

21.

Business transactions are reported in numbers that have common values. Meaning all reporting should be done in terms of money

a)

Monetary measurement

b)

Historical cost

c)

Materiality

d)

Going concern

22.

Which accounting assumption assumes that an enterprise will continue in operation long enough to carry out its existing objectives and commitments?

a)

Monetary unit assumption

b)

Economic entity assumption

c)

Time period assumption

d)

Going concern assumption

23.

If beginning capital was $25,000, ending capital is $37,000, and the owner's withdrawals were $23,000, the amount of net income or net loss for the period was:

a)

net loss of $35,000

b)

net income of $35,000

c)

net income of $14,000

d)

net loss of $14,000

24.

Accounts receivable normally has ________ balance

a)

Debit

b)

Credit

c)

Negative

d)

Tidak ada jawaban yang benar

25.

A collection of all accounts is a ___________

a)

Journal

b)

Trial balance

c)

Ledger

d)

Chart of Accounts

26.

A business has the following items in it: Land 1.000.000, Machinery 20.000, Cash 10.000. What is the value of owner equity?

a)

1.000.000

b)

1.020.000

c)

1.030.000

27.

A business has the following items: Land 1.000.000, Machinery 20.000, Cash 10.000, Loan 500.000. What is the value of owner equity?

a)

500.000

b)

1.000.000

c)

530.000

28.
Assets taken out of a business for the owner's personal use
a)
capital
b)
withdrawals
c)
equities
d)
revenue
29.
Amount owed by a business
a)
liability
b)
asset
c)
capital
d)
account
30.
Anything of value that is owned
a)
account
b)
asset
c)
withdrawal
d)
expense
31.
A business owned by one person
a)
service business
b)
revenue
c)
expense
d)
proprietorship
32.
Revenues minus expenses equals _____________________.
(Revenues-Expenses = _______________)
a)
Profit
b)
Overhead
c)
Income
d)
None of the above
33.

Beauty parlor, barbershop, travel agency, internet cafe, school, airline, clinic etc. are what type of business operation?

a)

Merchandising

b)

Partnership

c)

Service

d)

Corporation

34.

This type of business operation is one which buys and sells goods.

a)

Buying and selling business operation

b)

Merchandising

c)

Corporation

d)

Service type of business

35.

This type of business operation buys raw materials, form this into a finished product and the sells to the customers.

a)

Merchandizing

b)

Partnership

c)

Corporation

d)

Manufacturing

36.

Mercury Drugstore, Shopwise, Puregold, Shoe Salon are what type of business opration?

a)

Manufacturing

b)

Service

c)

Merchandizing

d)

Non

37.
The left side of a T-Account is called
a)
Debit
b)
Credit
c)
Left Side
d)
Right Side
38.
A decrease in owner's equity resulting from the operation of a business
a)
account
b)
capital
c)
asset
d)
expense
39.
A business activity that changes assets, liabilities, or owner's equity
a)
transaction
b)
expense
c)
revenue
d)
sale on account
40.
The amount in an account
a)
account title
b)
revenue
c)
account balance
d)
accounting records
41.
The account used to summarize the owner's equity in a business
a)
account
b)
expense
c)
capital
d)
revenue
42.
An increase in owner's equity resulting from the operation of a business
a)
asset
b)
expense
c)
withdrawl
d)
revenue
43.
The basic accounting equation is Assets=Liabilities + _______________________.
a)
Income
b)
Owner's Equity
c)
Expenses
d)
Profit
44.
The ________________   __________________ is one of the main financial statements and reports revenues and expenses for a period of time such as a month or year.
a)
Income Statement
b)
Balance Sheet
c)
Income Worksheet
d)
Balance Sheet
45.
The _____________________________ is one of the main financial statement and reports the assets, liabilities, and owner's equity at a specific point in time.
a)
Income Statement
b)
Balance Sheet
c)
Income Worksheet
d)
Balance Worksheet
46.
Accounting entries involve a minimum of how many accounts?
a)
0
b)
1
c)
2
d)
3
47.
When a company buys supplies on account, the cash account does what?
a)
Increases
b)
Decreases
c)
Stays the same
d)
There is no cash account
48.
When a company pays a bill using cash, the cash account does what?
a)
Increases
b)
Decreases
c)
Stays the same
d)
There is no cash account
49.
When cash is received, the cash account does what?
a)
Increases
b)
Decreases
c)
Stays the same
d)
There is no cash account
50.
Received cash from owner as investment
a)
Increase cash & capital
b)
Decrease cash & capital
c)
Increase assets & liabilities
d)
Decreases assets & liabilities

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