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Worksheetsunit 2
Total questions: 15
Worksheet time: 8mins
Name
Class
Date
1.
Assets taken out of a business for the owner's personal use
a)
capital
b)
withdrawals
c)
equities
d)
revenue
2.
A decrease in owner's equity resulting from the operation of a business
a)
account
b)
capital
c)
asset
d)
expense
3.
A business owned by one person
a)
service business
b)
revenue
c)
expense
d)
proprietorship
4.
The amount in an account
a)
account title
b)
revenue
c)
account balance
d)
accounting records
5.
An increase in owner's equity resulting from the operation of a business
a)
asset
b)
expense
c)
withdrawl
d)
revenue
6.
The _____________________________ is one of the main financial statement and reports the assets, liabilities, and owner's equity at a specific point in time.
a)
Income Statement
b)
Balance Sheet
c)
Income Worksheet
d)
Balance Worksheet
7.
Accounting entries involve a minimum of how many accounts?
a)
0
b)
1
c)
2
d)
3
8.
When a company pays a bill using cash, the cash account does what?
a)
Increases
b)
Decreases
c)
Stays the same
d)
There is no cash account
9.
When a company buys supplies on account, the cash account does what?
a)
Increases
b)
Decreases
c)
Stays the same
d)
There is no cash account
10.
Company purchases supplies on account
a)
Increase cash, decrease supplies
b)
Decrease cash, increase supplies
c)
Increase supplies, increase accounts payable
d)
Decrease supplies, decrease accounts payable
11.
If the total liabilities is P 15, 000 and the total assets is P 23,000, what is the total equity using the accounting equation?
a)
P 8,001
b)
P 8,000
c)
P 8,000.01
12.
The company repays the bank that had lent money to the company. What is the effect on accounting equation?
a)
Inc. in Assets I Dec. in Equity
b)
Dec. in Assets I Dec. in Liabilities
c)
Dec. in Liabilities I Dec. in Liabilities
13.
Assets increase on the ________ side?
a)
subsidiary
b)
T-account
c)
credit
d)
debit
14.
owners equity decreases on the _________ side?
a)
credit
b)
debit
c)
payments
d)
liability
15.
rates and taxes are an/a ________?
a)
profit
b)
income
c)
VAT
d)
Expense
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