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Finance Academy (Chapter 1)

Total questions: 56

Worksheet time: 3hrs 48mins

Name
Class
Date
1.

Which of these is the Accounting Equation?

a)

Liabilities = Owner's Equity + Assets

b)

Assets = Liabilities + Owner's Equity

c)

Liabilities = Owner's Equity - Assets

d)

Assets = Liabilities - Owners Equity

2.

Which of these groupings are considered assets?

a)

Cash & Accounts Payable

b)

Supplies & Accounts Payable

c)

Cash & Supplies

d)

Prepaid Insurance & Accounts Payable

3.

True or False: What you must do to one side of the equation you have to do to the opposite side?

(a)  

4.

A business owned by one person is called a..........

a)

Sole Proprietorship

b)

Franchise

c)

LLC (limited Liability Corporation)

d)

Corporation

5.

What does the phrase ON ACCOUNT refer to?

a)

You have inventory of whatever it is you bought

b)

You paid off your account

c)

You paid CASH and it's in your account

d)

You have charged something that needs to be paid back

6.

How can a transaction affect only one side of the accounting equation?

a)

It will never affect one side....it has to involve both sides

b)

You have a transaction that involves an asset and a liability

c)

You have a transaction that involves two assets

d)

You have a transaction that involves an asset and Owner's Equity

7.

True or False: The name give to an account is called a transaction

(a)  

8.

What is the "letter" that separates Assets from Liabilities and Owners Equity?

a)

T

b)

V

c)

I

d)

The Accounting Equation

9.

The account used to summarize the owner's equity in a business is called?

a)

Cash

b)

Sweat Equity

c)

Transaction

d)

Capital

10.

True or False: Supplies can be considered an asset AND a liability

(a)  

11.

Match the following as an asset or Liability or Owners Equity

a)

Cash

1.

Asset

b)

Capital

2.

Owner's Equity

c)

Supplies

3.

Asset

d)

Accounts Payable

4.

Liability

e)

Accounts Receivable

5.

Asset

12.

If I received CASH from the owner as an investment, which two accounts am I using?

a)

Prepaid Insurance and Owner's Equity

b)

Cash and Prepaid Insurance

c)

Cash and Accounts Payable

d)

Cash and Owner's Equity

13.

If I bought Supplies on Account from Mr. R's supply company, which two accounts am I using?

a)

Supplies and Accounts Payable Mr. R's Supply Company

b)

Cash and Accounts Payable Mr. R's Supply Company

c)

Supplies and Cash

d)

Supplies and Owner's Equity

14.

What happens to the accounting equation when I purchase prepaid insurance with cash?

a)

Cash is a (+) and Prepaid insurance is a (-)

b)

Cash is a (-) and Prepaid Insurance is a (+)

c)

Cash is a (-) and Prepaid Insurance is a (-)

d)

Prepaid Insurance is (+) and Accounts Payable is a (+)

15.

Financial rights to the assets of a business are called

a)

ethics

b)

withdrawals

c)

accounting records

d)

equities

16.

A business activity that changes assets, liabilities, or owner's equity

a)

transaction

b)

expense

c)

revenue

d)

sale on account

17.

Anything of value that is owned

a)

account

b)

asset

c)

withdrawal

d)

expense

18.

The name given to an account

a)

account title

b)

capital

c)

expense

d)

revenue

19.

A business owned by one person

a)

service business

b)

revenue

c)

expense

d)

proprietorship

20.

The amount in an account

a)

account title

b)

revenue

c)

account balance

d)

accounting records

21.

A business that performs an activity for a fee

a)

proprietorship

b)

service business

c)

capital

d)

asset

22.

The account used to summarize the owner's equity in a business

a)

asset

b)

expense

c)

capital

d)

revenue

23.

Financial reports that summarize the financial condition and operations of a business

a)

financial statements

b)

ethics

c)

withdrawals

d)

equities

24.

An increase in owner's equity resulting from the operation of a business

a)

asset

b)

expense

c)

withdrawl

d)

revenue

25.

Assets taken out of a business for the owner's personal use

a)

capital

b)

withdrawals

c)

equities

d)

revenue

26.

Planning, recording, analyzing, and interpreting financial information

a)

accounting

b)

ethics

c)

transaction

d)

revenue

27.

A decrease in owner's equity resulting from the operation of a business

a)

account

b)

capital

c)

asset

d)

expense

28.

A planned process for providing financial information that will be useful to management

a)

accounting system

b)

ethics

c)

transaction

d)

capital

29.

The principals of right or wrong that guide an individual in making decisions

a)

equities

b)

ethics

c)

withdrawals

d)

liability

30.

Amount owed by a business

a)

liability

b)

asset

c)

capital

d)

account

31.

The use of moral values in making business decisions

a)

business accounting

b)

business equities

c)

business ethics

d)

business capital

32.

An equation showing the relationship among assets, liabilities and owner's equity

a)

business equation

b)

quantitative equation

c)

annuity equation

d)

accounting equation

33.

The amount remaining after the liability value is subtracted from the asset value

a)

expense

b)

revenue

c)

owner's equity

d)

withdrawals

34.

A record summarizing all the information pertaining to a single item in the accounting equation

a)

account

b)

financial statement

c)

transaction

d)

capital

35.

A sale for which cash will be received at a later date

a)

accounting record

b)

withdrawal

c)

capital

d)

sale on account

36.

Oganized summaries of a business' financial activities

a)

accounting records

b)

accounting system

c)

accounting equation

d)

accounting ethics

37.

Expenses incurred to run the business is categorized as

a)

Asset

b)

Liability

c)

Owner's Equity

38.

Revenue earned from Sales is categorized as

a)

Asset

b)

Liability

c)

Owner's Equity

39.

Cash is categorized as

a)

Asset

b)

Liability

c)

Owner's Equity

40.

Accounts Receiveable is categorized as

a)

Asset

b)

Liability

c)

Owner's Equity

41.

Supplies is categorized as

a)

Asset

b)

Liability

c)

Owner's Equity

42.

Accounts Payable is categorized as

a)

Asset

b)

Liability

c)

Owner's Equity

43.

Which of these is the Accounting Equation?

a)

Liabilities = Owner's Equity + Assets

b)

Assets = Liabilities + Owner's Equity

c)

Liabilities = Owner's Equity - Assets

d)

Assets = Liabilities - Owners Equity

44.

Which of these groupings are considered assets?

a)

Cash & Accounts Payable

b)

Supplies & Accounts Payable

c)

Cash & Supplies

d)

Prepaid Insurance & Accounts Payable

45.

True or False: What you must do to one side of the equation you have to do to the opposite side?

(a)  

46.

A business owned by one person is called a..........

a)

Sole Proprietorship

b)

Franchise

c)

LLC (limited Liability Corporation)

d)

Corporation

47.

What does the phrase ON ACCOUNT refer to?

a)

You have inventory of whatever it is you bought

b)

You paid off your account

c)

You paid CASH and it's in your account

d)

You have charged something that needs to be paid back

48.

How can a transaction affect only one side of the accounting equation?

a)

It will never affect one side....it has to involve both sides

b)

You have a transaction that involves an asset and a liability

c)

You have a transaction that involves two assets

d)

You have a transaction that involves an asset and Owner's Equity

49.

True or False: The name give to an account is called a transaction

(a)  

50.

What is the "letter" that separates Assets from Liabilities and Owners Equity?

a)

T

b)

V

c)

I

d)

The Accounting Equation

51.

The account used to summarize the owner's equity in a business is called?

a)

Cash

b)

Sweat Equity

c)

Transaction

d)

Capital

52.

True or False: Supplies can be considered an asset AND a liability

(a)  

53.

Match the following as an asset or Liability or Owners Equity

a)

Cash

1.

Asset

b)

Capital

2.

Owner's Equity

c)

Supplies

3.

Asset

d)

Accounts Payable

4.

Liability

e)

Accounts Receivable

5.

Asset

54.

If I received CASH from the owner as an investment, which two accounts am I using?

a)

Prepaid Insurance and Owner's Equity

b)

Cash and Prepaid Insurance

c)

Cash and Accounts Payable

d)

Cash and Owner's Equity

55.

If I bought Supplies on Account from Mr. R's supply company, which two accounts am I using?

a)

Supplies and Accounts Payable Mr. R's Supply Company

b)

Cash and Accounts Payable Mr. R's Supply Company

c)

Supplies and Cash

d)

Supplies and Owner's Equity

56.

What happens to the accounting equation when I purchase prepaid insurance with cash?

a)

Cash is a (+) and Prepaid insurance is a (-)

b)

Cash is a (-) and Prepaid Insurance is a (+)

c)

Cash is a (-) and Prepaid Insurance is a (-)

d)

Prepaid Insurance is (+) and Accounts Payable is a (+)

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