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LONG QUIZ - ACCOUNTING

Total questions: 100

Worksheet time: 3hrs 30mins

Name
Class
Date
1.

Revenues earned by performing services to customers.

(a)  

2.
Expenses related to the use of electricity, water and telecommunications facilities.
a)
Utilities Payable
b)
Utilities Expense
c)
Utilities Income
d)
Utilities Receivable
e)
None of the choices are correct
3.
Payments made to employees for rendering services to the company.
a)
Salaries Receivable
b)
Salaries Revenue
c)
Salaries Payable
d)
Salaries Expense
e)
None of the choices are correct
4.
Amount paid for supplies used in the conduct of business.
a)
Supplies Expense
b)
Prepaid Supplies
c)
Unused Supplies
d)
Supplies Payable
e)
None of the choices are correct
5.
Amount paid for the use of property, such as space, equipment, or other rentals.
a)
Rent Income
b)
Rent Payable
c)
Rent Expense
d)
Rent Receivable
e)
None of the choices are correct
6.
Expired portion of premiums paid on insurance coverage.
a)
Insurance Expense
b)
Prepaid Insurance
c)
Insurance Payable
d)
Insurance Receivable
e)
None of the choices are correct
7.
Represents the withdrawals made by the owner of the business for personal use.
a)
Owner's, Capital
b)
Owner's Equity
c)
Owner's Receivable
d)
Owner's Cash
e)
None of the choices are correct
8.
Debts arising from acquisition of services or goods/products on account/credit.
a)
Accounts Payable
b)
Accounts Receivable
c)
Service Payable
d)
Sales Payable
e)
None of the choices are correct
9.
It is a debt that is supported or evidenced by a promissory note.
a)
Notes Receivable
b)
Notes Payable
c)
Accounts Payable
d)
Accounts Receivable
e)
None of the choices are correct
10.
Expenses that are paid in advance.
a)
Accrued Expense
b)
Advances to Employees
c)
Prepaid Expense
d)
Advances from Customers
e)
None of the choices are correct
11.
These are the electric, water and telecommunication facilities already incurred but not yet paid.
a)
Utilities Payable
b)
Utilities Expense
c)
Utilities Income
d)
Utilities Receivable
e)
None of the choices are correct
12.
Liability arising from the amount of money borrowed by the business from the bank.
a)
Loans Receivable
b)
Loans Payable
c)
Accounts Payable
d)
Bank Payable
e)
None of the choices are correct
13.
Rental incurred but not yet paid.
a)
Rent Income
b)
Rent Payable
c)
Rent Expense
d)
Rent Receivable
e)
None of the choices are correct
14.
Long-term debt of the business with security or collateral in the form of real properties or real state.
a)
Notes Payable - Long Term
b)
Collateral Payable
c)
Accounts Payable
d)
Loans Security Payable
e)
None of the choices are correct
15.
Interest due to an interest-bearing note that is still not paid by the business.
a)
Interest Payable
b)
Interest Receivable
c)
Interest Income
d)
Interest Expense
e)
None of the choices are correct
16.
Amount of money set aside by the business for small business expenses.
a)
Cash and Cash Equivalents
b)
Marketable Securities
c)
Treasurer's Fund
d)
Cash on Hand
e)
None of the choices are correct
17.
Amounts owed to the entity for services performed or products sold but not yet collected by the company.
a)
Accounts Payable
b)
Notes Payable
c)
Accounts Receivable
d)
Notes Receivable
e)
None of the choices are correct
18.
It is a promissory note issued by the client/customers for services performed or product sold but not yet collected.
a)
Accounts Payable
b)
Notes Payable
c)
Accounts Receivable
d)
Notes Receivable
e)
None of the choices are correct
19.
Rental expense to other entity but still not yet paid by the business.
a)
Rent Income
b)
Rent Payable
c)
Rent Expense
d)
Rent Receivable
e)
None of the choices are correct
20.
Amount of interest paid by the business to creditors.
a)

Interest Payable

b)

Interest Receivable

c)

Interest Income

d)

Interest Expense

e)

None of the choices are correct

21.
Earnings or income from the rental of an equipment or building.
a)
Rent Income
b)
Rent Payable
c)
Rent Expense
d)
Rent Receivable
e)
None of the choices are correct
22.

Amounts of money set aside by the business for small office expenses

(a)  

23.

It is the properties or rights owned and controlled by the business that have present and future benefits.

(a)  

24.

Financial or residual interest of the owner representing his net investment and results of operations. It is the difference between the Assets and Liabilities.

(a)  

25.

Cost incurred in operating the business.

(a)  

26.

Debts or monetary obligation of the business that results from past transaction that would normally results in an outflow from the assets.

(a)  

27.

Profits, revenues, or earnings of the business from business operations.

(a)  

28.
Non-monetary assets that have no physical substance.
a)
Tangible Assets
b)
Properties, Plant and Equipment
c)
Building
d)
Land
e)
None of the choices are correct
29.
Lot used by the business on which a fixed assets can be constructed.
a)
Tangible Assets
b)
Properties, Plant and Equipment
c)
Building
d)
Land
e)
None of the choices are correct
30.
Earnings or revenue from rendering professional services like Doctors, Lawyers, Engineers, CPA, Architect and etc.
a)
Professional Fee
b)
Sales Revenue
c)
Salaries Income
d)
Service Sales
e)
None of the choices are correct
31.
Amounts earned from providing services to the customers.
a)
Professional Fee
b)
Sales Revenue
c)
Salaries Income
d)
Service Sales
e)
None of the choices are correct
32.
Debts or obligations of the business that will due and expected to be settled beyond 1 year or 12 months.
a)
Current Assets
b)
Current Liabilities
c)
Non-Current Liabilities
d)
Non-Current Assets
e)
None of the choices are correct
33.
Assets that are expected to be used/consumed beyond 1 year or 12 months.
a)
Current Assets
b)
Current Liabilities
c)
Non-Current Liabilities
d)
Non-Current Assets
e)
None of the choices are correct
34.
Assets that are reasonably expected to be converted into cash or used/consumed in operations within 1 year or 12 months.
a)
Current Assets
b)
Current Liabilities
c)
Non-Current Liabilities
d)
Non-Current Assets
e)
None of the choices are correct
35.
Debts or obligations that is expected to be paid within 1 year or 12 months (or in a normal operating cycle).
a)
Current Assets
b)
Current Liabilities
c)
Non-Current Liabilities
d)
Non-Current Assets
e)
None of the choices are correct
36.
Materials in process in the production area but not yet finished.
a)
Finished Goods Inventory
b)
Raw Materials Inventory
c)
Goods in process Inventory
d)
Inventories
e)
None of the choices are correct
37.
Materials held for use in the production of finished goods of a manufacturing company.
a)
Finished Goods Inventory
b)
Raw Materials Inventory
c)
Goods in process Inventory
d)
Inventories
e)
None of the choices are correct
38.
Goods that are being sold in the normal business activity.
a)
Finished Goods Inventory
b)
Raw Materials Inventory
c)
Goods in process Inventory
d)
Inventories
e)
None of the choices are correct
39.
Goods held for sale by the trading or merchandising business.
a)
Finished Goods Inventory
b)
Raw Materials Inventory
c)
Goods in process Inventory
d)
Inventories
e)
None of the choices are correct
40.
Finished products held for sale by a manufacturing business.
a)
Finished Goods Inventory
b)
Raw Materials Inventory
c)
Goods in process Inventory
d)
Inventories
e)
None of the choices are correct
41.

Revenues from selling of goods to customers.

(a)  

42.

It is a valuation account which represents the decrease in the value of a property, plant, and equipment due to continuous use, wear, and tear, being outdated and etc.

(a)  

43.

Estimated amount of receivable in which is doubtful of collection at the end of the period.

(a)  

44.

Tables and chairs, curtains, filing cabinet, and shelves are examples of a/an?

(a)  

45.

Typewriter, air-conditioner, computer, printer, and photocopy machine are examples of a/an?

(a)  

46.
Advances from customers is a/an
a)

Current Assets

b)

Current Liabilities

c)

Non-Current Liabilities

d)

Non-Current Assets

e)

None of the choices are correct

47.
Loans Payable is a/an
a)
Current Assets
b)
Current Liabilities
c)
Non-Current Liabilities
d)
Non-Current Assets
e)
None of the choices are correct
48.
Accounts Receivable is a/an
a)
Current Assets
b)
Current Liabilities
c)
Non-Current Liabilities
d)
Non-Current Assets
e)
None of the choices are correct
49.
Prepaid Insurance is a/an
a)
Current Assets
b)
Current Liabilities
c)
Non-Current Liabilities
d)
Non-Current Assets
e)
None of the choices are correct
50.
Mortgage Payable is a/an
a)
Current Assets
b)
Current Liabilities
c)
Non-Current Liabilities
d)
Non-Current Assets
e)
None of the choices are correct
51.
Unexpired Insurance is a/an
a)
Current Assets
b)
Current Liabilities
c)
Non-Current Liabilities
d)
Non-Current Assets
e)
None of the choices are correct
52.
Accounts Payable is a/an
a)
Current Assets
b)
Current Liabilities
c)
Non-Current Liabilities
d)
Non-Current Assets
e)
None of the choices are correct
53.
Accrued. Service Income is a/an
a)
Current Assets
b)
Current Liabilities
c)
Non-Current Liabilities
d)
Non-Current Assets
e)
None of the choices are correct
54.
Notes Payable (payable in 1 year) is a/an
a)
Current Assets
b)
Current Liabilities
c)
Non-Current Liabilities
d)
Non-Current Assets
e)
None of the choices are correct
55.
Intangible Assets is a/an
a)
Current Assets
b)
Current Liabilities
c)
Non-Current Liabilities
d)
Non-Current Assets
e)
None of the choices are correct
56.
Copyright is a/an
a)
Current Assets
b)
Current Liabilities
c)
Non-Current Liabilities
d)
Non-Current Assets
e)
None of the choices are correct
57.
Property, Plant and Equipment is a/an
a)
Current Assets
b)
Current Liabilities
c)
Non-Current Liabilities
d)
Non-Current Assets
e)
None of the choices are correct
58.
Loans Payable is a/an
a)
Current Assets
b)
Current Liabilities
c)
Non-Current Liabilities
d)
Non-Current Assets
e)
None of the choices are correct
59.
Petty Cash Fund is a/an
a)
Current Assets
b)
Current Liabilities
c)
Non-Current Liabilities
d)
Non-Current Assets
e)
None of the choices are correct
60.
Note Payable, 2% interest for 2 years is a/an
a)
Current Assets
b)
Current Liabilities
c)
Non-Current Liabilities
d)
Non-Current Assets
e)
None of the choices are correct
61.
Cash on Hand is a/an
a)
Current Assets
b)
Current Liabilities
c)
Non-Current Liabilities
d)
Non-Current Assets
e)
None of the choices are correct
62.
Tables and Chairs is a/an
a)
Current Assets
b)
Current Liabilities
c)
Non-Current Liabilities
d)
Non-Current Assets
e)
None of the choices are correct
63.
Service Vehicle is a/an
a)
Current Assets
b)
Current Liabilities
c)
Non-Current Liabilities
d)
Non-Current Assets
e)
None of the choices are correct
64.
Merchandise Inventory is a/an
a)
Current Assets
b)
Current Liabilities
c)
Non-Current Liabilities
d)
Non-Current Assets
e)
None of the choices are correct
65.
Patent is a/an
a)
Current Assets
b)
Current Liabilities
c)
Non-Current Liabilities
d)
Non-Current Assets
e)
None of the choices are correct
66.

What is the normal balance of Professional Fees

(a)  

67.

What is the normal balance of Rent Income

(a)  

68.

What is the normal balance of Miscellaneous Expense

(a)  

69.

What is the normal balance of Mortgage Payable

(a)  

70.

What is the normal balance of Merchandise Inventory

(a)  

71.

What is the normal balance of Unused Supplies

(a)  

72.

What is the normal balance of Unearned Service Income

(a)  

73.

What is the normal balance of Unexpired Insurance

(a)  

74.

What is the normal balance of Alimpuangon, Drawing

(a)  

75.

What is the normal balance of De Castro, Capital

(a)  

76.
Increase in asset
a)
Debit
b)
Credit
77.
Increase in liabilities
a)
Debit
b)
Credit
78.
Increase in income
a)
Debit
b)
Credit
79.
Decrease in Advance to Employees
a)
Debit
b)
Credit
80.
Decrease in capital
a)
Debit
b)
Credit
81.
Increase in expense
a)
Debit
b)
Credit
82.
Increase in drawings
a)
Debit
b)
Credit
83.
Decrease in assets
a)
Debit
b)
Credit
84.
Decrease in prepaid expense
a)
Debit
b)
Credit
85.
Increase in accrued expense
a)
Debit
b)
Credit
86.
Increase in cash
a)
Debit
b)
Credit
87.
Decrease in accounts payable
a)
Debit
b)
Credit
88.
Decrease in merchandise inventory
a)
Debit
b)
Credit
89.
Increase in notes payable
a)
Debit
b)
Credit
90.
Decrease in mortgage payable
a)
Debit
b)
Credit
91.

Prepaid Rent is what type of elements/major accounts?

(a)  

92.

Advances to employees is what type of elements/major accounts?

(a)  

93.

Service Income is what type of elements/major accounts?

(a)  

94.

Rent Receivables is what type of elements/major accounts?

(a)  

95.

Ordaniel, Drawing is what type of elements/major accounts?

(a)  

96.

Pangs, Capital is what type of elements/major accounts?

(a)  

97.

Salaries Payable is what type of elements/major accounts?

(a)  

98.

Inventories is what type of elements/major accounts?

(a)  

99.

Account Receivables is what type of elements/major accounts?

(a)  

100.

Accounts Payable is what type of elements/major accounts?

(a)  

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