WorksheetsAccounting Final Exam
Total questions: 24
Worksheet time: 12mins
The name given to an account is called?
Title
Account Title
Capital
Summary
Assets taken out of a business for the owners personal use is called?
Loss
Withdrawal
Deposit
Asset
An accounting device used to analyze transactions is called?
Normal Balance
Account
T Account
P Account
Planning, Recording, Analyzing, and interpreting financial information is called?
Assets
Accounting Equation
Accounting
Accounting System
Assets taken out of a business for owners personal use is called?
Capital
Withdrawal
Supplies
Revenue
Difference between total revenue and total expenses when total expenses is greater is?
Credit
Income Statement
Debit Balance Sheet
Net Loss
What is an asset?
Something of value that is owned
An amount owned
Cash
An expense is?
Something owned
A decrease in owners equity
An increase in owners equity
A business form ordering a bank to pay cash from a bank account is called?
Invoice
Check
Source Document
A T account is?
Side that is increased
Accounting device used to analyze transactions
Amount recorded on the left side
Amount recorded on right side
A ledger is?
The name of an account
A group of accounts
Number given to an account
Journal entry made to correct an error
A trial balance is?
Total of all debit accounts
Total of all credit accounts
Proof of equality of debits and credits in a ledger
Financial statement showing revenue and expenses for a fiscal period
A business owned by one person is a
Service buisness
Proprietorship
Liability
Asset
A journal is a ___ record of the debit and credit parts of each transaction with transactions recorded in chronological order
Permanent
Changing
Variable
Real
The difference between total revenue and total expenses when expenses are greater is
Net Income
Income
Net loss
Expenses
What is the accounting equation?
Owners Equity + Assets = Liabilities
Assets - Liabilities = Owners Equity
General Journal
Assets = Liabilities + Owners Equity
A group of accounts is a
Journalizing
Ledger
T Account
Accounting
A signature or stamp on the back of a check transferring ownership is a
Checking Account
Postdated Check
Bank Statement
Endorsement
Assets taken out of a business for the owners personal use is called
Withdrawal
Expense
Revenue
Owners Equity
An amount recorded on the left side of a T account is a
Normal Balance
Debit
Credit
Liability
An endorsement restricting further transfer of a check ownership is called a
Special Endorsement
Blank Endorsement
Restrictive Endorsement
None of the above
A general journal page is complete when it
Has no more lines
Is unbalanced
Is at the end of the month
All of the above
The normal balance of assets is
Debit
Credit
When a mistake is made in a journal, correct it by
Erasing
Line
Scribbling
None of the above
