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WorksheetsAccounting review chapter 1&2
Total questions: 20
Worksheet time: 31mins
Which of the following is NOT a type of business
Service
Franchising
Merchandising
Manufacturing / Producing
Accounting activities are performed in relation to (a) of time know as (b)
Examples of Liabilities include which of the following:
Loans, credit cards, and real property
Loans, mortgage, and credit cards
Loans, Art collection, and savings account
Mortgage, credit card, and real property
Positive Net Worth is defined as:
assets are less that liabilities
liabilities are greater than assets
assets are equal to liabilities
assets are greater than liabilities
Examples of assets include:
Real Property, Car, and credit cards
Car, Jewelry, and Checking account
Art collection, Jewelry, and unpaid taxes
Real Property, Car loan, Jewelry
Put these in order of the accounting equation
Assets
(A)
Liabilities
(L)
Owner's Equity
(OE)
What is balance sheet?
A balance sheet is a financial statement that reports a company's assets, liabilities and shareholders' equity at a specific point in time, and provides a basis for computing rates of return and evaluating its capital structure.
A balance sheet is one of a company's core financial sheet that shows their profit and loss
Which of the following is a Non current asset?
Furniture
Other Receivables
Trade payables
All the above are or can be non-current assets
If the capital of a business is $5,00,000 and outside liabilities are $200,000. Calculate total assets of the business.
3,00,000
7,00,000
10,00,000
2,50,000
If total assets of a business are $10,00,000 and OE is $4,00,000. Calculate Creditors......
7,00,000
6,00,000
14,00,000
8,00,000
What's the order of three W?
What - When - who
Who - What - When
When - Who - What
A double ruled line is used on the balance sheet when a total is a final total (ex. last amount on the balance sheet)
True
false
Which is the most liquid asset?
Cash
Accounts receivable
Inventory
In what order are liabilities listed on the balance sheet?
Alphabetical order
Non-current liabilities first, followed by current liabilities
Current liabilities first, followed by non-current liabilities
What are accounts payable?
Amounts owed to suppliers or vendors for goods or services purchased on credit
Long-term investments in other companies
Revenue generated from sales transactions
Terms exchangeable with "Owners Equity" (select all that apply)
Revenue
Capital
Net worth
Which better describes "Owner's Equity"
The profit the business makes for the owner
share of a company's net assets that the owner(s) can claim as their own
