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Accounting Basics

Total questions: 20

Worksheet time: 13mins

Name
Class
Date
1.
Accounting entries involve a minimum of how many accounts?
a)
One
b)
Two
c)
Three
d)
Four
2.
Resources owned by a company (such as cash, accounts receivable, vehicles) are reported on the balance sheet and are referred to as __________.
a)
Assets
b)
Liabilities
c)
Owner Equity
d)
Equity
3.
Which term is associated with "right" or "right-side"?
a)
Debit
b)
Credit
c)
Plus
d)
Minus
4.
The financial statement that reports the assets, liabilities, and stockholders' (owner's) equity at a specific date is the:
a)
Balance Sheet
b)
Income Statement
c)
Statement of Cash Flows
d)
Cash Statement
5.
What will usually cause the liability account Accounts Payable to increase?
a)
Debit
b)
Credit
6.
Unearned Revenues is what type of account?
a)
Asset
b)
Liability
c)
Stockholders' Equity
7.
The financial statement that reports the revenues and expenses for a period of time such as a year or a month is the:
a)
Balance Sheet
b)
Income Statement
c)
Statement of Cash Flows
d)
None of These
8.
Revenues minus expenses equals:
a)
Assets
b)
Liabilities
c)
Owner Equity
d)
Net Income
9.
When cash is received, the account Cash will be
a)
Debited
b)
Credited
10.
Assets are usually reported on the balance sheet at which amount?
a)
Cost
b)
Current Market Value
c)
Expected Selling Price
d)
None of These
11.
Under the accrual basis of accounting, revenues are reported in the accounting period when the:
a)
Cash is Received
b)
Service or Goods Have Been Delivered
c)
End of the Month Has Arrived
d)
Customer Pays
12.
Liabilities often have the word __________ in their account title.
a)
Assets
b)
Payable
c)
Paid
d)
Equity
13.
Obligations (amounts owed) are reported on the balance sheet and are referred to as __________.
a)
Assets
b)
Liabilities
c)
Debt
d)
Owner Equity
14.
Entries to expenses such as Rent Expense are usually
a)
Debits
b)
Credits
15.
The listing of all of the accounts available for use in a company's accounting system is known as the __________.
a)
Chart of Accounts
b)
Journal
c)
Ledger
d)
Credit Ledger
16.
What will usually cause an asset account to increase?
a)
Debit
b)
Credit
17.
Which term is associated with "left" or "left-side"?
a)
Debit
b)
Credit
c)
Plus
d)
Minus
18.
When a company pays a bill, the account Cash will be
a)
Debited
b)
Credited
19.
Under the accrual basis of accounting, expenses are reported in the accounting period when the
a)
Cash is Paid
b)
Expense Matches the Revenues or is Used up
20.
Entries to revenues accounts such as Service Revenues are usually
a)
Debits
b)
Credits