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Acc: Basics 3

Total questions: 66

Worksheet time: 45mins

Name
Class
Date
1.
The financial statement that reports the revenues and expenses for a period of time such as a year or a month is the:
a)
Balance Sheet
b)
Income Statement
c)
Statement of Cash Flows
d)
None of These
2.
The financial statement that reports the assets, liabilities, and stockholders' (owner's) equity at a specific date is the:
a)
Balance Sheet
b)
Income Statement
c)
Statement of Cash Flows
d)
Cash Statement
3.
Under the accrual basis of accounting, revenues are reported in the accounting period when the:
a)
Cash is Received
b)
Service or Goods Have Been Delivered
c)
End of the Month Has Arrived
d)
Customer Pays
4.
Resources owned by a company (such as cash, accounts receivable, vehicles) are reported on the balance sheet and are referred to as __________.
a)
Assets
b)
Liabilities
c)
Owner Equity
d)
Equity
5.
Assets are usually reported on the balance sheet at which amount?
a)
Cost
b)
Current Market Value
c)
Expected Selling Price
d)
None of These
6.
Obligations (amounts owed) are reported on the balance sheet and are referred to as __________.
a)
Assets
b)
Liabilities
c)
Debt
d)
Owner Equity
7.
Liabilities often have the word __________ in their account title.
a)
Assets
b)
Payable
c)
Paid
d)
Equity
8.
Unearned Revenues is what type of account?
a)
Asset
b)
Liability
c)
Stockholders' Equity
9.
Accounting entries involve a minimum of how many accounts?
a)
One
b)
Two
c)
Three
d)
Four
10.
The listing of all of the accounts available for use in a company's accounting system is known as the __________.
a)
Chart of Accounts
b)
Journal
c)
Ledger
d)
Credit Ledger
11.
Which term is associated with "left" or "left-side"?
a)
Debit
b)
Credit
c)
Plus
d)
Minus
12.
Which term is associated with "right" or "right-side"?
a)
Debit
b)
Credit
c)
Plus
d)
Minus
13.
When cash is received, the account Cash will be
a)
Debited
b)
Credited
14.
When a company pays a bill, the account Cash will be
a)
Debited
b)
Credited
15.
What will usually cause an asset account to increase?
a)
Debit
b)
Credit
16.
What will usually cause the liability account Accounts Payable to increase?
a)
Debit
b)
Credit
17.
Entries to expenses such as Rent Expense are usually
a)
Debits
b)
Credits
18.
Entries to revenues accounts such as Service Revenues are usually
a)
Debits
b)
Credits
19.
Revenues minus expenses equals:
a)
Assets
b)
Liabilities
c)
Owner Equity
d)
Net Income
20.

The first part of the accounting process is

a)

communicating.

b)

identifying.

c)

processing.

d)

recording.

21.

Keeping a systematic, chronological diary of events that are measured in monetary and units is called

a)

communicating.

b)

identifying.

c)

processing.

d)

recording.

22.

The usual sequence of steps in the transaction recording process is

a)

journal --> analyze --> ledger.

b)

analyze --> journal --> ledger.

c)

journal --> ledger --> analyze.

d)

ledger --> journal --> analyze.

23.

The first step in the recording process is to

a)

prepare financial statements.

b)

analyze each transaction for its effect on the accounts.

c)

post to a journal.

d)

prepare a trial balance.

24.

After transaction information has been recorded in the journal, it is transferred to the

a)

trial balance.

b)

income statement.

c)

book of original entry.

d)

ledger.

25.

The recording process occurs

a)

once a year.

b)

once a month.

c)

repeatedly during the accounting period.

d)

infrequently in a manual accounting system.

26.

A list of accounts and their balances at a given time is called a(n)

a)

journal.

b)

posting.

c)

trial balance.

d)

income statement.

27.

A trial balance is prepared

a)

at the end of each day.

b)

after each journal entry is posted.

c)

at the end of an accounting period.

d)

only at the inception of the business.

28.

A debit is not the normal balance for which of the following?

a)

Asset account

b)

Drawings account

c)

Expense account

d)

Capital account

29.

After a business transaction has occurred, journal entries are recorded in the

a)

ledger

b)

journal

c)

expense accounts

30.

Once journal entries are recorded, they can be posted to:

a)

ledger

b)

income statement

c)

expenses account

31.

Transactions are recorded in a journal in chronological order.

a)

True

b)

False

32.
An invoice used as a source document for recording a sale on account.
a)
source document
b)
sales invoice
c)
check
d)
entry
33.

If Assets are $7,300 and Liabilities are $500, how much is Capital?

a)

$7,800

b)

$7,300

c)

$6,800

34.

If Capital is $31,400 and Liabilities are $15,500, how much are Assets?

a)

$46,900

b)

$15,500

c)

$15,900

35.

If Assets are $19,500 and Capital is $14,300, how much are Liabilities?

a)

33,800

b)

$5,200

c)

$19,500

36.

If Assets are $40,000 and Liabilities are $23,000, how much is Capital?

a)

$63,000

b)

$17,000

c)

$23,000

37.

If Capital is $17,500 and Liabilities are $7,500, how much are Assets?

a)

$7,500

b)

$10,000

c)

$25,000

38.

If Liabilities are $15,425 and Assets are $32,350, how much is Capital?

a)

$16,925

b)

$15,425

c)

$47,775

39.

If Capital is $27,500 and Liabilities are $5,400, how much are Assets?

a)

$32,900

b)

$27,500

c)

$22,100

40.

If Assets are $15,500 and Capital is $9,600, how much are Liabilities?

a)

$5,900

b)

$15,500

c)

$25,100

41.

If Liabilities are $23,000 and Capital is $9,750, how much are Assets?

a)

$23,000

b)

$32,750

c)

$13,250

42.

If Assets are $17,300 and Liabilities are $6,300, how much is Capital?

a)

$11,000

b)

$17,300

c)

$23,600

43.

The accounting period of a business is separated into activitiess that help the business keep its accounting records in an orderly fashion.

a)

Accounting Period Cycle

b)

Source Document

c)

Fiscal Year

d)

None of the Above

44.
Concept: Financial information is reported for a specific period of time on financial statements.
a)
Matching Expenses with Revenue
b)
Accounting Period Cycle
c)
Business Entity
45.

_______ is a financial statement that reports a business's assets, liabilities, and capital on a specific date

a)

Balance Sheet

b)

Statement of Cash Flow

c)

Income Statement

d)

None of the Above

46.

Capital (owner's equity) is the value of the owners' investment in the business after subtracting liabilities from assets.

a)

True

b)

False

47.

Which of the following is not a liability

a)

Inventory

b)

Car loan

c)

Mortgage

d)

Credit card balance

48.

How do you find liabilities?

a)

Assets + Owner's Equity

b)

Liabilities - Assets

c)

Assets - Capital (Owner's Equity)

d)

None of the Above

49.

 

Which correctly shows a list of assets and liabilities?

a)

Assets: mortgage, car loan, land

Liabilities: retirement savings, cash, credit card loans

b)

Assets: building, cash in hand, accounts receivable

Liabilities: loans, accounts payable, mortgage

c)

Assets: creditors, prepaid expenses, loans

Liabilities: stocks, accounts receivable, car

d)

None of the above

50.

What must the owner's equity equal if assets equal $1,800 and liabilities equal $800?

a)

$2,600

b)

$800

c)

$1,000

51.

If liabilities equal $400 and owner's equity equals $800, what do the assets equal?

a)

$400

b)

$1,200

c)

$800

52.

Assets = Liabilities + Owner's Equity

Assets - 200,000

Liabilities- ?

Owner's Equity- 90,000

a)

$200,000

b)

$110,000

c)

$290,000

53.

If the company has $5,000 in cash and pays $3,000 in taxes, what is Owner's Equity?

a)

$2,000

b)

$15,000

c)

$8,000

54.

Taxes are an asset?

a)

True

b)

False

55.

Assets = Liabilities + Owner's Equity

Assets - 100,000

Liabilities- 25,000

Owner's Equity- ?

a)

$125,000

b)

$25,000

c)

$75,000

56.

The Accounting Equation must always be in balance? 

a)

True

b)

False

57.
Supplies purchased on account that will be paid for at a later date is a liability.
a)
True
b)
False
58.
The owner's worth after assets are used to pay all liabilities is the definition of
a)
Owner's Equity
b)
Liabilities
c)
Assets
59.
Cash received means Cash is:
a)
Decreased
b)
Increased
60.
Paid Cash means cash has:
a)
Decreased
b)
Increased
61.

Furniture is regarded as

a)

Assett

b)

Fixed Assett

c)

Liability

d)

Current Liability

62.
Purchases from a supplier on credit is a liability.
a)
True
b)
False
63.
In what accounting element can we classify INVENTORIES?
a)
Asset
b)
Liabilities
c)
Equity
64.
The owner invests personal cash in the business. What is the effect on accounting equation?
a)
Inc. in Assets  I  Inc. in Equity
b)
Inc. in Liabilities  I  Inc. in Assets
c)
Dec. in Assets  I  Inc. in Equity
65.

How will you calculate profit?

a)

Income - Expenses

b)

Income + Expenses

c)

Income x Expenses

d)

Capital - Expenses

66.

Profit is the amount of money left over after all expensenses have been paid.

a)

True

b)

False

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