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accounting basics 1

Total questions: 72

Worksheet time: 42mins

Name
Class
Date
1.

Which of the following are Assets?

a)

Bank Account

b)

Bank Loan

c)

Vehicles

d)

Bank overdraft

e)

Furniture and fittings

2.

The following are liabilities .

a)

Bank Loan

b)

Stock / inventory

c)

Mortgage

d)

Accounts Payable

3.

Equity can also be called Capital

a)

TRUE

b)

FALSE

4.

When the business is owed money it is called

a)

Accounts Receivable

b)

Account Payable

5.

The following are expenses

a)

Insurance

b)

Salaries

c)

Sales

d)

Fees Received

e)

Petrol

6.

The following are types of Income

a)

Sales

b)

Fees Received

c)

Salaries

d)

Staff Wages

e)

Advertising

7.

When a business owner invests in the business

a)

This increases equity

b)

This decreases equity

8.

When the owner takes money out the business for personal use it is called

a)

Drawings

b)

Withdrawal

c)

Investment

9.

Assets - Liabilities = Equity

a)

TRUE

b)

FALSE

10.

The following can cause an increase in equity

a)

Owners investments +

b)

Drawings +

c)

Profit

d)

Loss

11.

The following can cause a decrease in equity

a)

Drawings +

b)

Loss

c)

Profit

d)

Income +

12.

If I invest $2000 in my own business this causes

a)

An increase of +$2000 in bank column

b)

An increase of +$2000 in Equity Column

c)

An increase in Income column of +$2000

13.

If I buy equipment for $1000 ....which 2 of the following columns will I write in

a)

This is a - $1000 in bank column

b)

This is a - $1000 in equipment column

c)

This is a + $1000 in equipment column

d)

This is a + $1000 in bank column

14.

If I take home $500 for personal use from my business which transactions will I carry out

a)

Decrease bank Column by - $500

b)

Increase bank Column by + $500

c)

Decrease Equity by - $500

d)

Increase Equity by + $500

15.

Furniture is regarded as

a)

Assett

b)

Fixed Assett

c)

Liability

d)

Current Liability

16.
Purchases from a supplier on credit is a liability.
a)
True
b)
False
17.
The owner invests personal cash in business.
a)
Asset (I)
b)
Liabilties (I)
c)
Equity (NE)
18.
The company receives cash from a bank loan 
a)
Assets (I)
b)
Liabilities (D)
c)
Equity (D)
19.
The company repays the bank that had lent money
a)
Assets (I)
b)
Liabilities (D)
c)
Equity (D)
20.
Assets 
a)
Anything owed by the company
b)
Anything owned of value by the company
21.
Cost incurred in its efforts to create revenue
a)
Expense
b)
 Revenue
c)
Withdrawal
d)
Liability
22.
Accounts Payable, Supply Depot is classified as a(n)
a)
Asset 
b)
Liability
c)
Owner's Equity
d)
Expense
23.
Prepaid Insurance is classified as a(n)
a)
Asset
b)
Liability
c)
Owner's Equity 
d)
Revenue
24.
Kim Park, Drawing is classified as a(n)
a)
Asset
b)
Liability
c)
Owner's Equity
d)
Expense
25.
Sales is classified as a(n)
a)
Asset
b)
Liability
c)
Owner's Equity
d)
Revenue
26.
Accounts Receivable, Oakdale School is classified as a(n)
a)
Asset
b)
Liability
c)
Owner's Equity
d)
Revenue
27.
Utilities Expense is classified as a(n)
a)
Asset
b)
Liability
c)
Owner's Equity
d)
Expense
28.
Paid Cash for Supplies
a)
+ Cash
- Supplies
b)
- Cash
+ Supplies
c)
+ Cash
+ Supplies
d)
- Cash
- Supplies
29.
Bought Supplies on Account from Supply Depot
a)
+ Supplies
- Accounts Payable, Supply Depot
b)
+ Supplies
+Accounts Payable, Supply Depot
c)
- Supplies
- Accounts Payable, Supply Depot
d)
- Supplies 
- Accounts Payable, Supply Depot
30.
Paid Cash on Account to Supply Depot
a)
- Cash
- Accounts Payable, Supply Depot
b)
+ Cash 
+ Accounts Payable, Supply Depot
c)
- Cash
+ Accounts Payable, Supply Depot
31.
Received Cash on Account from Oakdale Schools 
a)
- Cash
- Accounts Receivable, Oakdale Schools
b)
+ Cash
- Accounts Receivable, Oakdale Schools
c)
+ Cash
+ Accounts Receivable, Oakdale Schools
32.
Assets taken out of the business for the owner's personal use are called withdrawls
a)
True
b)
False
33.
Cash, Petty Cash, Prepaid Insurance, Accounts Payable-Thomas Supply Company (Which is NOT an Asset)
a)
Cash
b)
Petty Cash
c)
Prepaid Insurance
d)
Accounts Payable, Thomas Supply Company
34.
An Expense such as Advertising Expense or Utilities Expense will Decrease the Owner's Equity.
a)
True
b)
False
35.

Which of the following items would not fall under the definition of an asset ?

a)

Creditors

b)

Debtors

c)

Cash

d)

Machinery

36.

Assets which are purchased for the purpose of operating the business and not for resale are called

a)

Current Assets

b)

Fixed Assets

c)

Liquid Assets

d)

Fictitious Assets

37.

Which of the following is not a long term liability

a)

Bank loan

b)

Term loan

c)

Debentures

d)

Creditors

38.

What account is used when we pay rent in advance for an office building?

a)

Rent Expense

b)

Prepaid Rent

c)

Rent Payable

d)

Rent Revenue

39.

A customer promises to pay us in the future for goods or services we deliver today. We have:

a)

Accounts Payable

b)

Notes Payable

c)

Accounts Receivable

d)

Unearned Revenue

40.

We promise to pay a vendor later for goods we receive today. We have:

a)

Accounts Payable

b)

Accounts Receivable

c)

Unearned Revenue

d)

Notes Receivable

41.

Which of these is a liability?

a)

Accounts Receivable

b)

Notes Payable

c)

Building

d)

Cash

42.

Which of these is not a liability?

a)

Notes Payable

b)

Accounts Payable

c)

Service Revenue

d)

Unearned Revenue

43.

Which account decreases with a debit?

a)

Cash

b)

Notes Payable

c)

Accounts Receivable

d)

Rent Expense

44.

We purchase computer equipment for $8,000 cash. What account is credited?

a)

Cash

b)

Accounts Payable

c)

Owner, Capital

d)

Equipment

45.

We purchase computer equipment for $8,000 cash. What account is debited?

a)

Cash

b)

Accounts Payable

c)

Owner, Capital

d)

Equipment

46.

"Prepaid rent" is classified as

a)

Liability

b)

Revenue

c)

Expense

d)

Assets

47.

"Note Payable" is classified as

a)

Liability

b)

Asset

c)

Owners Equity

d)

Revenue

48.

"Fees Earned" is classified as

a)

Assets

b)

liability

c)

Revenues

d)

Expenses

49.

All the following are example of expenses except

a)

Drawing

b)

Salaries

c)

Telephone bills

d)

Office rent Expense

50.

"Supplies" is classified as

a)

Owners Equity

b)

Assets

c)

Liability

d)

Revenues

51.

"Investment, Revenues, Drawings and Expenses has direct effect on Owners equity." This statement is

a)

True

b)

False

52.

If Jenan has creditors account BD8000 and she paid BD2000. Then liabilities balance will equal

a)

BD8,000

b)

BD10,000

c)

BD6,000

d)

BD2000

53.

Injuries

a)

Asset

b)

Liability

c)

Owners Equity

d)

None of the Above

54.

Capital Stock

a)

Asset

b)

Liability

c)

Owners Equity

d)

None of the Above

55.

Interest Receivable

a)

Asset

b)

Liability

c)

Owners Equity

d)

None of the Above

56.

Employees

a)

Asset

b)

Liability

c)

Owners Equity

d)

None of the Above

57.

Property

a)

Asset

b)

Liability

c)

Owners Equity

d)

None of the Above

58.

Accounts Receivable

a)

Asset

b)

Liability

c)

Owners Equity

d)

None of the Above

59.

Wages Payable

a)

Asset

b)

Liability

c)

Owners Equity

d)

None of the Above

60.

Goodwill/Reputation

a)

Asset

b)

Liability

c)

Owners Equity

d)

None of the Above

61.

Paid in Capital

a)

Asset

b)

Liability

c)

Owners Equity

d)

None of the Above

62.

Inventory

a)

Asset

b)

Liability

c)

Owners Equity

d)

None of the Above

63.

Plastic Surgery

a)

Asset

b)

Liability

c)

Owners Equity

d)

None of the Above

64.

Taxes Payable

a)

Asset

b)

Liability

c)

Owners Equity

d)

None of the Above

65.

Patents

a)

Asset

b)

Liability

c)

Owners Equity

d)

None of the Above

66.

Notes Payable

a)

Asset

b)

Liability

c)

Owners Equity

d)

None of the Above

67.

Notes Receivable

a)

Asset

b)

Liability

c)

Owners Equity

d)

None of the Above

68.

Retained Earnings

a)

Asset

b)

Liability

c)

Owners Equity

d)

None of the Above

69.

Land

a)

Asset

b)

Liability

c)

Owners Equity

d)

None of the Above

70.

Supplies

a)

Asset

b)

Liability

c)

Owners Equity

d)

None of the Above

71.

Accounts Payable

a)

Asset

b)

Liability

c)

Owners Equity

d)

None of the Above

72.

Cash

a)

Asset

b)

Liability

c)

Owners Equity

d)

None of the Above

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