WorksheetsAccounting for Business Review
Total questions: 20
Worksheet time: 10mins
A record of a single item in the accounting equation
balance sheet
corporation
liability
account
Financial rights to the assets of a business
accounting system
partnership
equity
liability
The first step in preparing a balance sheet is to write __________.
the conclusion
the accounting equation
the introduction
the heading
Which of the following is not a type of business?
Service
Merchandising
Sole Proprietorship
Manufacturing
What is the accounting equation?
Total assets= liabilities - equity
Equity= liabilities + assets
Total Assets= liabilities + equity
Liabilities= assets + equity
One person owns the business and has complete control
Partnership
S Corporation
Sole Proprietorship
C Corporation
A business owned by two or more people and each owner agrees upon how much each will invest in the business
C Corp
Sole Proprietorship
Partnership
Corporation
Has the ability to act as it own entity and have multiple owners, more difficult to form this type of business
Sole proprietorship
Corporation
Partnership
Limited Liability Company
A financial document that reports account balances on a given date
Income statement
T chart
Cash flow statement
Balance sheet
A cost required to operate a business
Accounting system
partnership
equity
expense
A business that performs a service for a fee
Manufacturing
Service
Retail
Merchandising
A business that purchases and sells goods
Merchandising
Service
Partnership
Manufacturing
A plan for providing financial information
Balance sheet
Accounting system
Revenue
Income statement
Income a business receives from sales
Transaction
Asset
Revenue
Debt
Anything owed by a business
Asset
Equity
Liabilities
Capital
What is identified in the heading of a balance sheet?
Name of the business
Name of report
Date of report
All of the Above
What kinds of accounts are listed on the right side of a balance sheet?
Owner's equity and assets
Liabilities and assets
Liabilities and owner's equity
Assets
What kinds of accounts are listed on the left side of a balance sheet?
Debt
Owner's equity and assets
Liabilities and assets
Assets
___________ mandates that corporations submit quarterly reports and payments.
County commissioners
Internal Revenue Service
The Financial Accounting Foundation
Securities and Exchange Commission
A good way to use accounting in your everyday life is to create a _________.
Timeline
Budget
Balance Sheet
Income Statement
