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WorksheetsAccounting Unit 1 Review
Total questions: 20
Worksheet time: 18mins
What Accounting function is the following an example of?
Adding up all customer payments over the month to find the month's total revenue amount.
Totaling
Recording
Summarizing
Analyzing
Accounting is the process of
recording, summarizing, and
(a) financial transactions.
The common set of accounting rules,
standards, and procedures for all
accountants in the United States.
(a)
Liabilities = (a) - (b)
Organize the financial statements into the right time categories:
Income Statement
Statement of Cash Flows
Balance Sheet
If Company A has:
$2,300 in Cash
$400 in Accounts Payable
$500 in Accounts Receivable
$1,100 in Bank Loans
What is Company A's Owners Equity?
What is the final product of the Income Statement?
Current Assets
Owner's Equity
Net Income
Revenue
Net Income feeds into what Equity category on the Balance Sheet?
(a)
A financial statement that summarizes the movement of cash in and out of a company during a specific period in time.
Income Statement
Statement of Cash Flows
Balance Sheet
Bank Statement
Organize these two options into the right categories
Accounts Receivable
Accounts Payable
The three common accounting time frames are Monthly, (a) , and Yearly.
Definition: Economic resources
owned by an individual or
company.
Owner's Equity
Liabilities
Revenue
Assets
Net Income = ( (a) + (b) ) - ( (c) + (d) )
Double-Entry Bookkeeping is visually represented and carried out via the ________ ?
I-Chart
T-Chart
Accounting Journal
Income Statement
Income earned through the provision of a business's primary goods or services.
Net Income
Expenses
Gains
Revenue
Organize these options into the right categories:
US-Based Companies
International Companies
General Principles AND Industry Specific Rules
General Principles ONLY
Stricter
More Flexible/Up for Interpretation
This Accounting Principle means:
Accountants commit to applying the
same standards throughout the reporting
process, from one period to the next, to ensure
financial comparability between periods.
Consistency
Utmost Good Faith
Materiality
Non-Compensation
The Accounting Principle that means:
Speculation should not influence the
reporting of financial data.
Regularity
Periodicity
Permanence of Methods
Prudence
Organize the following assets according to their level of Liquidity
1 = Least Liquid , 3 = Most Liquid
Real Estate
Stocks/Bonds
Cash
Mr. Vieth went to Colorado State University
True
False
