WorksheetsAccounting I Final Exam Study Quiz
Total questions: 35
Worksheet time: 18mins
A Credit is the ____________ side of a T account, while a Debit is the ____________ side of a T account.
A liability decreasing is a(n)
Increase
An asset is an amount
A financial statement that reports Net Income is known as a(n):
A Balance Sheet reports
Liabilities and Revenue
_____________ is transferring information from a journal entry to a ledger account.
Adjusting Entries
What is the correct journal entry for paying rent with cash?
Debit Cash, Credit Rent Expense
Debit Rent Expense, Credit Cash
Credit Cash, Credit Rent Expense
Debit Rent Expense, Credit Accounts Payable
____________ are assets taken out of a business for the personal use of the owner.
Dividends
What is the normal balance of a revenue account?
Left Side
Accounts that do NOT accumulate information from one fiscal period to the next are _______________ accounts.
Real accounts
What is the correct journal entry for paying cash on account?
What is the correct journal entry for paying for supplies on account?
Debit Supplies, Credit Cash
Debit Cash, Credit Supplies
Debit Supplies, Credit Accounts Payable
Debit Accounts Payable, Credit Supplies
Which is the second line of the heading of a financial statement?
Business Name
Report Name
Date
For Month Ended December 31, 20--
Accounts Receivable, Office Equipment, and Cash are all:
A _____________ is used to summarize the general ledger information needed to prepare financial statements.
An ____________ is an account in a general ledger that summarizes all accounts in a subsidiary ledger.
Deductions
Crypto
A reduction in the invoice amount to encourage prompt payment is known as:
Trade Discount
Depreciation
Sales Discount
A promissory note that a business offers to a person or business is a(n):
Earnings NOT distributed to stockholders are known as:
Retained earnings
Capital stock
Withdrawals
A check which has not been cashed due to insufficient funds is known as:
If expenses are higher than revenue, the business has a:
If the actual amount of petty cash on hand is more than the recorded amount it is called:
Which of the following is not a special journal?
Cash Payments
Cash Receipts
Sales
Which of the following decreases the cash account?
Pay by check
Pay by cash
Pay by debit card
All of these
Generally Agreed Accounting Principles
General Accounting Audit Practices
Assets used for more than a year, such as a equipment are called ____________ assets.
A business that performs an activity for a fee is a ___________ business.
Earnings paid to an employee before payroll taxes and other deductions is known as:
Which of the following is not an operating expense?
Rent Expense
Salary Expense
Federal Income Tax Expense
Utilities Expense
Payroll deductions are withheld from an employee's:
Gross Pay
Net Pay
Retained Earnings
Salary Expense
Assets = Liabilities + Owner's Equity is known as:
The Balance Sheet
The Accounting Equation
The Accounting Cycle
The Chart of Accounts
Accounting is known as the language of _____________.
Finance
Business
