NEW
Font size
WorksheetsAccounting Basics
Total questions: 10
Worksheet time: 5mins
In a Cash account: when money is deposited, this is known as a:
Credit
Liability
Owners' Equity
Debit
The Accounts Payable account is for:
money people owe your business
fun
keeping track of what you've earned
the money your business owes
When you add up the debits and credits for each account, you need to minus the small number from the big number to get the...
total
balance
transaction
owner's equity
If you end up with a negative number when you balance an account, this is the accounting way of writing it correctly:
(500)
500 negative
less 500
TRUE or FALSE: some transactions can have more than 1 debit or credit.
FALSE
TRUE
The types of accounts you use to keep track of the money your business makes are known as __________ accounts.
Expense
Machines
Owner's Equity
Revenue
The formula to determine if your business is making a profit or not is:
Expenses minus revenues
Revenues minus expenses
Owner's Equity minus Cash
Accounts Payable minus Accounts Receivable
You, the owner, want to give a vehicle your company owns to your niece. Are you allowed to do that?
Yes
No
Yes, but you need to have enough money in Owner's Equity to cover the cost
A customer pays off a purchase they made 27 days ago. What accounts are affected, and HOW are they affected?
Cash goes down, Bank Loan goes up
Accounts Payable goes down, Cash goes up
Accounts Receivable goes down, Cash goes up
Bank Loan goes down, Cash goes up
True or False: T-Accounts are used by accountants IRL.
True
False
