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Accounting Review. Sub Day

Total questions: 45

Worksheet time: 59mins

Name
Class
Date
1.

A = L + OE is proven on the...

a)

Income Statement

b)

Balance Sheet

c)

Cash Flow Statement

d)

Sales Journal

2.

Revenues - Expenses = ?

a)

Net Income or Net Loss

b)

Owner's Equity

c)

Total Revenue

d)

Gross Profit

3.

ALL Expenses

a)

Income Statement

b)

Balance Sheet

4.

If a company has more expenses than revenue for the period, it has a ____.

a)

Net Income

b)

Net Loss

5.

If a company has more revenue than expenses for the period, it has a ____.

a)

Net Income

b)

Net Loss

6.

Every financial statement has a heading that indicates the name of the company, title of the report, and the date.

a)

True

b)

False

7.

"Assets = Liabilities + Equity" can be displayed on which financial statement?

a)

Balance Sheet

b)

Income Statement

c)

Statement of Owner's Equity

d)

Neither

8.
Examples may include salaries, utilities, rent, insurance, and office supplies.
a)
Revenue
b)
Expense
c)
Net Income
d)
Net Loss
9.
The income statement can be expressed as an equation:
a)

Income = Income - Expenses

b)

Revenue - Expenses = Net Income (Loss)

c)

Revenue + Expenses = Income/Loss

d)

Expenses = Net Income + Revenue

10.
Any amounts owed by a business and reported on the balance sheet are referred to as ________________.
a)
assets
b)
liabilities
c)
profit
d)
expenses
11.
The basic accounting equation is Assets=Liabilities + _______________________.
a)
Income
b)
Owner's Equity
c)
Expenses
d)
Profit
12.
Anything of value that is owned by the company (such as cash, accounts receivables, vehicles, etc.) are reported on the balance sheet and are referred to as _______________.
a)
assets
b)
liabilities
c)
profit
d)
income
13.

The Balance sheet must "always" balance

a)

True

b)

False

14.

Find the missing amount:

Assets = 1500

Liabilities = 1000

Owner Equity =

(a)  

15.

Assets are $50,000. Liabilities are $12,000. What is Owner's Equity?

a)

$38,000

b)

$62,000

c)

None of the Choices

16.

Assets are $120,000. Owner's Equity is $95,000. What is the Liability?

a)

$215,000

b)

$25,000

c)

None of the Choices

17.

Liabilities are $20,000. Owner's Equity is $50,000. What are the Assets?

a)

$70,000

b)

$30,000

c)

None of the Choices

18.

What type of account is Cash?

a)

Asset

b)

Liability

c)

Owner's Equity

19.

What type of account is Supplies?

a)

Asset

b)

Liability

c)

Owner's Equity

20.

What type of account is Capital?

a)

Asset

b)

Liability

c)

Owner's Equity

21.

What type of account is Accounts Payable?

a)

Asset

b)

Liability

c)

Owner's Equity

22.

Mrs. Smith bought $200 in supplies. Which of the following would be correct?

a)

+ $200 Cash; + $200 Supplies

b)

- $200 Cash; - $200 Supplies

c)

+ $200 Cash; - $200 Supplies

d)

- $200 Cash; + $200 Supplies

23.
Revenues minus expenses equals:
a)
Assets
b)
Liabilities
c)
Owner Equity
d)
Net Income
24.

Expenses that stay the same from month to month are called:

a)

flexible expenses

b)

fixed expenses

c)

revenue expenses

d)

variable expenses

25.

Which of the following assets is guaranteed to LOSE value over time (depreciation)?

a)

house

b)

cash

c)

stocks

d)

car

26.

Expenses that vary from month to month are called:

a)

equity expenses

b)

fixed expenses

c)

variable expenses

d)

revenue expenses

27.

A balance sheet measures assets and liabilities. What does an income statement measure?

a)

assets and revenue

b)

liabilities and expenses

c)

sales and equity

d)

revenue and expenses

28.

What does liquidity mean?

a)

anything you own that is worth money

b)

what you are worth

c)

how quickly an asset can be turned into cash

d)

debts that a company has

29.

Which of the following are assets?

a)

buildings you own

b)

land

c)

office equipment

d)

all of the answers are correct

30.

Which items are on an income statement?

a)

revenue

b)

expenses

c)

net income

d)

all answers are correct

31.
Expenses is greater than revenue
a)
loss
b)
profit
c)
liabilities
d)
equity
32.
Results when a business income is greater that is expenses
a)
asset
b)
profit
c)
loss
d)
fiscal
33.
The amount of money a company earns
a)
revenue
b)
assets 
c)
audit
d)
equity
34.
A system of recording and reporting financial activity is called
a)
Finance
b)
Accounting
c)
audit
d)
Budger
35.
The amount of money a company earns
a)
revenue
b)
assets 
c)
audit
d)
equity
36.

What category? Sales

a)

Income

b)

Expense

37.

What category? Electricity

a)

Income

b)

Expense

38.

What category? Furniture

a)

Asset

b)

Liability

39.

What category? Property (land, Buildings)

a)

Asset

b)

Liability

40.

Items found on a balance sheet

a)

Income, Expense, Net Loss, Net Profit

b)

Assets, Liabilities, Owner's Equity

c)

Income, Liabilities

d)

Assets, Expenses

41.
Amount owed by a business
a)
liability
b)
asset
c)
capital
d)
account
42.
A business owned by one person
a)
service business
b)
revenue
c)
expense
d)
proprietorship
43.
Revenues minus expenses equals _____________________.
(Revenues-Expenses = _______________)
a)
Profit
b)
Overhead
c)
Income
d)
None of the above
44.

Which of the following refers to payments made by the business to help them earn value? "earn = earnings = sales"

a)

Expenses

b)

Revenue

c)

Cash

45.

Yvonne's gross income: ?

Yvonne's deductions: $251.18

Yvonne's net income:$451.82

a)

$703

b)

$200.64

c)

$954.18

d)

$25,812.00

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