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Accounting 1st Semester Review

Total questions: 51

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.
Obligations (amounts owed) are reported on the balance sheet and are referred to as __________.
a)
Assets
b)
Liabilities
c)
Debt
d)
Owner Equity
6.
Liabilities often have the word __________ in their account title.
a)
Assets
b)
Payable
c)
Paid
d)
Equity
7.
Accounting entries involve a minimum of how many accounts?
a)
One
b)
Two
c)
Three
d)
Four
8.
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
9.
Under the accrual basis of accounting, expenses are reported in the accounting period when the
a)
Cash is Paid
b)
Expense Matches the Revenues or is Used up
10.
Revenues minus expenses equals:
a)
Assets
b)
Liabilities
c)
Owner Equity
d)
Net Income
11.
The Accounting Equation must always be in balance? 
a)
True
b)
False
12.
Assets 
a)
Anything owed by the company
b)
Anything owned of value by the company
13.
The owner's worth after assets are used to pay all liabilities is the definition of
a)
Owner's Equity
b)
Liabilities
c)
Assets
14.
Paid Cash means cash has:
a)
Decreased
b)
Increased
15.
Bought supplies on account means Supplies has increased and what other account has changed?
a)
Cash has decreased
b)
Account Payable has increased
16.
Assets taken out of a business for the owner's personal use
a)
capital
b)
withdrawals
c)
equities
d)
revenue
17.
Planning, recording, analyzing, and interpreting financial information
a)
accounting
b)
ethics
c)
transaction
d)
revenue
18.
A decrease in owner's equity resulting from the operation of a business
a)
account
b)
capital
c)
asset
d)
expense
19.
Amount owed by a business
a)
liability
b)
asset
c)
capital
d)
account
20.
A business activity that changes assets, liabilities, or owner's equity
a)
transaction
b)
expense
c)
revenue
d)
sale on account
21.
Anything of value that is owned
a)
account
b)
asset
c)
withdrawal
d)
expense
22.
A business owned by one person
a)
service business
b)
revenue
c)
expense
d)

sole proprietorship

23.

any "Payable" Account is

(a)  

24.

In the Accounting Equation: What you​ (a)   is equal to what you ​ (b)  

Choose from the below words
Own
Owe
See
think
25.

Accounts payable is a ​ (a)  

Choose from the below words
Liability
Owner Equity
Asset
26.

What we "Owe' to are share holders/ company is called ​ (a)  

Choose from the below words
Owners Equity
Liabilities
Assets
27.

The Balance sheet must "always" balance

a)

True

b)

False

28.

When a customer purchases a product and owes the company money, what is that called?​ (a)  

Choose from the below words
Accounts Receivable
Accounts Payable
debt
supplies
29.

Find the missing amount:

Assets = 1500

Liabilities = 1000

Owner Equity =

(a)  

30.

Find the missing amount:

Assets = 100

Liabilities =

Owner Equity = 200

(a)  

31.

Find the missing amount:

Assets =

Liabilities = -10

Owner Equity = 90

(a)  

32.

Find the missing amount:

Assets =

Liabilities = -200

Owner Equity = 700

a)

850

b)

900

c)

500

d)

1000

33.

Liquidity is stated as how quickly an asset can be turned into cash

a)

True

b)

False

34.

Match the following

Liabilities

anything of value owned by the business

Owner's Equity

money owed by the business

Assets

the rights to the assets of the business

35.

What are assets?

a)

Cash in the business      

b)

Anything that a creditor has financial claim to

c)

What remains after liabilities are paid

d)

Any item or property owned by the business

36.

Accounting is referred to as the "language of ___________________."

a)

profit

b)

life

c)

work

d)

business

37.

Amount owed by a business

a)

liability

b)

asset

c)

capital

d)

account

38.
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
39.

Another term for an income statement is a(n)​ (a)  

Choose from the below words
operating statement.
expense statement.
interest statement.
purchasing statement.
40.

The “bottom line” in a business’s income statement indicates​ ​ (a)  

Choose from the below words
net income.
gross revenue.
net worth.
total cost.
41.

Any money made from the sale of the business’s goods and services

a)

Creditors

b)

Categories

c)

Managers

d)

Revenue

42.
Examples may include salaries, utilities, rent, insurance, and office supplies.
a)
Revenue
b)
Expense
c)
Net Income
d)
Net Loss
43.

Revenue = 1000

Cost of Goods Sold = 200

Expenses = 300

Gross Profit = ?

a)

800

b)

500

c)

700

d)

300

44.

Revenue = 1000

Cost of Goods Sold = 200

Expenses = 300

Net Profit = ?

a)

800

b)

500

c)

700

d)

300

45.

Net Profit = 500

Revenue = 2000

Expenses = 1000

Cost of Goods Sold = ?

a)

1500

b)

1000

c)

3000

d)

500

46.

What is the purpose of an income statement?

a)

calculate the bank balance

b)

calculate net assets

c)

calculate sales

d)

calculate net profit

47.

Which of the following means money spent?

a)

income

b)

expense

c)

net income

d)

gross income

48.

Which of the following means money received?

a)

net loss

b)

net gain

c)

insurance

d)

income

49.

When expenses are greater than income?

a)

expense

b)

net loss

c)

net income

d)

net gain

50.
A Net Profit occurs if:
a)
Gross Profit is greater than expenses
b)
Expenses greater than Gross Profit
c)
None of the listed choices
51.

If total expenses exceed total revenue, a net loss is reported.

a)

True

b)

False

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