WorksheetsAccounting
Total questions: 30
Worksheet time: 2hrs 30mins
_______ is a financial statement that reports a business's assets, liabilities, and capital on a specific date
Balance Sheet
Statement of Cash Flow
Income Statement
None of the Above
How do you find liabilities?
Assets + Owner's Equity
Liabilities - Assets
Assets - Capital (Owner's Equity)
None of the Above
Which correctly shows a list of assets and liabilities?
Assets: mortgage, car loan, land
Liabilities: retirement savings, cash, credit card loans
Assets: building, cash in hand, accounts receivable
Liabilities: loans, accounts payable, mortgage
Assets: creditors, prepaid expenses, loans
Liabilities: stocks, accounts receivable, car
None of the above
Assets = Liabilities + Owner's Equity
Assets - 100,000
Liabilities- 25,000
Owner's Equity- ?
$125,000
$25,000
$75,000
Assets = Liabilities + Owner's Equity
Assets - ?
Liabilities- 25,000
Owner's Equity- 100,000
$125,000
$25,000
$100,000
An economic event that has a direct impact on the business.
External events
Internal events
Business transactions
External transactions
Increase of this account will decrease Owner's Equity
Asset Account
Expense Account
Liability Account
Income Account
Accounting equation is very important tool to help in understanding and ______________ business transactions.
measuring
analyzing
creating
accounting
A separate record used to summarize changes in each assets, liabilities, and owner's equity.
Accountant
Account
Account Title
Count
The business rendered service to customer on account. What is Value Received?
Cash
Accounts Payable
Accounts Receivable
Service Income
The business received cash from customer for the service rendered on account. What is Value Parted With?
Cash
Cancellation of Payables
Cancellation of Receivables
Service Income
Furniture is regarded as
Assett
Fixed Assett
Liability
Current Liability
Cash, goods and Asset etc. brought by the owner of the business is known as....
Capital
Drawings
Income
Expenses
The person from whom we purchase goods on credit is known as .......
Debtors
Creditors
Bad Debt
Solvent
Assets are Purchases with Intention
Using it in Business
Resale and Earn Profit
Destroy them
None of above
When Income is more than Expenses, it is called as
Loss
Profit
Trasnaction
All of the Above
Cash Received Immediately in Exchange of Goods given is called as
Cash Purchase
Cash Sales
Credit Purchase
Credit Sales
Cash Paid in Future date for Goods received is called as
Cash Purchase
Cash Sales
Credit Purchase
Credit Sales
Transactions are recorded in the period in which they occur.
Business Entity Concept
Going Concern Assumption
Accrual Basis
Periodicity
Which of the following is a current asset?
Land
Building
Cash
Machinery
These are assets purchased for long term use and are not likely to be converted quickly into cash.
Current Assets
Non-Current Liability
Fixed Assets
Curren Liability
Which of the following is not a current liability?
Interest Payable
Salaries Payable
Loan Payable
None of the above
Which of the following is the correct accounting equation?
Capital = Assets + Liabilities
Capital = Liabilities - Assets
Assets - Liabilities = Capital
Assets + Capital = Liabilities
The term 'accounting' refers to the
use information in making business decisions
use of special ways of recording business information.
is the process of recording, summarizing, reporting and analyzing of financial data.
is the process of recording, summarizing, reporting and analyzing of accounts in special books
When Expenses are more than Income is known as ______
Profit
Loss
No Profit No Loss
None
