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Accounting Quiz

Total questions: 14

Worksheet time: 7mins

Name
Class
Date
1.

What account is used when we pay rent in advance for an office building?

a)

Rent Expense

b)

Prepaid Rent

c)

Rent Payable

d)

Rent Revenue

2.

Which of these is an asset?

a)

Notes Payable

b)

Accounts Receivable

c)

Unearned Revenue

d)

Wages Payable

3.

A customer promises to pay us in the future for goods or services we deliver today. We have:

a)

Accounts Payable

b)

Notes Payable

c)

Accounts Receivable

d)

Unearned Revenue

4.

We promise to pay a vendor later for goods we receive today. We have:

a)

Accounts Payable

b)

Accounts Receivable

c)

Unearned Revenue

d)

Notes Receivable

5.

Which of these is a liability?

a)

Accounts Receivable

b)

Notes Payable

c)

Building

d)

Cash

6.

Which of these is not a liability?

a)

Notes Payable

b)

Accounts Payable

c)

Service Revenue

d)

Unearned Revenue

7.

We get cash today from a customer; we will perform services for them next month. We record:

a)

Service Revenue

b)

Unearned Revenue

c)

Accounts Receivable

d)

Interest Revenue

8.

What type of account is owner's capital?

a)

Asset

b)

Liability

c)

Equity

d)

Revenue

e)

Expense

9.

Which account decreases with a debit?

a)

Cash

b)

Notes Payable

c)

Accounts Receivable

d)

Rent Expense

10.

Expenses _______ equity, so their normal balance is a ________ balance

a)

increase; debit

b)

decrease; debit

c)

increase; credit

d)

decrease; credit

11.

Owner's withdrawals has a normal debit balance. Which other two account types have normal debit balances?

a)

Assets

b)

Liabilities

c)

Revenues

d)

Expenses

12.

We purchase computer equipment for $8,000 cash. What account is debited?

a)

Cash

b)

Accounts Payable

c)

Owner, Capital

d)

Equipment

13.

We purchase computer equipment for $8,000 cash. What account is credited?

a)

Cash

b)

Accounts Payable

c)

Owner, Capital

d)

Equipment

14.

Which of these accounts have a normal credit balance? (There is more than one right answer!)

a)

Cash

b)

Accounts Payable

c)

Service Revenue

d)

Rent Expense