WorksheetsAccounting Quiz
Total questions: 14
Worksheet time: 7mins
What account is used when we pay rent in advance for an office building?
Rent Expense
Prepaid Rent
Rent Payable
Rent Revenue
Which of these is an asset?
Notes Payable
Accounts Receivable
Unearned Revenue
Wages Payable
A customer promises to pay us in the future for goods or services we deliver today. We have:
Accounts Payable
Notes Payable
Accounts Receivable
Unearned Revenue
We promise to pay a vendor later for goods we receive today. We have:
Accounts Payable
Accounts Receivable
Unearned Revenue
Notes Receivable
Which of these is a liability?
Accounts Receivable
Notes Payable
Building
Cash
Which of these is not a liability?
Notes Payable
Accounts Payable
Service Revenue
Unearned Revenue
We get cash today from a customer; we will perform services for them next month. We record:
Service Revenue
Unearned Revenue
Accounts Receivable
Interest Revenue
What type of account is owner's capital?
Asset
Liability
Equity
Revenue
Expense
Which account decreases with a debit?
Cash
Notes Payable
Accounts Receivable
Rent Expense
Expenses _______ equity, so their normal balance is a ________ balance
increase; debit
decrease; debit
increase; credit
decrease; credit
Owner's withdrawals has a normal debit balance. Which other two account types have normal debit balances?
Assets
Liabilities
Revenues
Expenses
We purchase computer equipment for $8,000 cash. What account is debited?
Cash
Accounts Payable
Owner, Capital
Equipment
We purchase computer equipment for $8,000 cash. What account is credited?
Cash
Accounts Payable
Owner, Capital
Equipment
Which of these accounts have a normal credit balance? (There is more than one right answer!)
Cash
Accounts Payable
Service Revenue
Rent Expense
