WorksheetsAccounting Lesson 1
Total questions: 10
Worksheet time: 6mins
Which of the following describes accounting? (select all that apply)
Accounting is a type of math
Accounting is the language of business.
Accounting includes the process of collecting & recording financial transactions for a company.
Accounting includes analyzing financial information of a company.
Select the 3 business activities included on the Cash Flow Statement.
Managing activities
Operating activities
Financing activities
Investing activities
Which formula best represents "The Accounting Equation?"
Revenues-Expenses = Net Income
Assets = Liabilities + Equities
Operating Activities + Investing Activities + Financing Activities
Debits = Credits
Which of the following is NOT one of the general purpose financial statements?
Income Statement
Balance Sheet
Statement of Owners Equity
Revenue Statement
Accounts that represent the costs related to earning money are classified as _.
revenues
equities
expenses
assests
Accounts that represent amount owned by a company are classified as _.
liabilities
revenues
expenses
assets
The owner's claim to a company's assets are classified as _.
assets
liabilities
equities
revenue
Accounts representing a company's earnings are classified as _.
expenses
assets
liabilities
revenue
The left side of a T account is called the _ side.
increase
decrease
debit
credit
On which financial statement would you find the following equation: Revenue - Expenses = Net Income
Statement of Owners Equity
Cash Flow Analysis
Balance Sheet
Income Statement
