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WorksheetsPre-Test (Accounting for Non-Accountants)
Total questions: 10
Worksheet time: 5mins
Accounting Principle is general law or rule followed in the preparation of financial statements.
TRUE
FALSE
Cash basis considers the revenue as realized when the goods are produced.
TRUE
FALSE
The ledger is the book of original entry.
TRUE
FALSE
The income statement shows either net profit or net loss for a particular period.
TRUE
FALSE
What are the main sections on a balance sheet?
Assets, liabilities, income
Assets, liabilities, equity
Assets, liabilities, expenses
Assets, gains, revenue
Which side of the ledger account are debits recorded on?
Left
Right
Depends on the debit
Which side of the ledger account are credits recorded on?
Left
Right
Depends on the debit
Increasing an asset involves crediting the account.
TRUE
FALSE
Equity is the difference between:
Assets and liabilities.
Revenues and Expenditures.
Common stock and preferred stock.
Revenues and liabilities.
Purchase of machinery for cash.
Increases the total cash.
Decreases the total asset.
Remains total asset unchanged
Decreases total liability.
