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WorksheetsAccounting -- Semester Test
Total questions: 50
Worksheet time: 8mins
Planning, recording, analyzing and interpreting financial information. Fill in the blank with the correct accounting term.
Accounting
Auditing
Budgeting
Bookkeeping
Anything of value that is owned. Fill in the blank with the correct accounting term.
Asset
Liability
Expense
Revenue
An amount owed by a business. Fill in the blank with the correct accounting term.
Liability
Asset
Revenue
Equity
The amount remaining after the value of all liabilities is subtracted from the value of all assets. Fill in the blank with the correct accounting term.
Owner's equity
Gross profit
Revenue
Depreciation
An equation showing the relationship among assets, liabilities, and owner's equity. Assets = Liabilities + Owners Equity. Fill in the blank with the correct accounting term.
Accounting equation
Balance sheet
Income statement
Trial balance
A business activity that changes assets, liabilities, or owner's equity. Fill in the blank with the correct accounting term.
Transaction
Invoice
Receipt
Statement
A record summarizing all the information pertaining to a single item in the accounting equation. Fill in the blank with the correct accounting term.
Account
Ledger
Journal
Statement
The name given to an account. Fill in the blank with the correct accounting term.
Account title
Ledger balance
Trial balance
Journal entry
The amount in an account. Fill in the blank with the correct accounting term.
Account balance
Account payable
Account receivable
Account statement
An increase in owner's equity resulting from the operation of a business. Fill in the blank with the correct accounting term.
Revenue
Liability
Expense
Asset
A sale for which cash will be received at a later date. Fill in the blank with the correct accounting term.
Sale on Account
Cash Sale
Purchase Return
Credit Note
Day to Day cost of running the business. Decreases Owner's Equity. Fill in the blank with the correct accounting term.
Expense
Revenue
Asset
Liability
Assets taken out of business from owner's personal use. Taken from Drawing Account. Fill in the blank with the correct accounting term.
Withdrawals
Investments
Revenue
Liabilities
Purchasing an asset on account _________
increases accounts payable
decreases accounts payable
has no effect on accounts payable
decreases cash
Making a sale on account _________
increases accounts receivable
decreases accounts payable
decreases cash balance
increases inventory
Paying for an asset bought on account _________
Decreases Accounts Payable
Increases Accounts Receivable
Increases Owner's Equity
Decreases Cash Sales
Receiving cash for a sale on account _________
Decreases Account Receivable
Increases Account Receivable
Increases Sales Revenue
Decreases Cash
Debit Balance includes: _________
1. Assets (Cash, Accounts Receivable, Supplies, Prepaid Insurance, etc...) 2. Expense Accounts 3. Drawing Account
1. Liabilities (Accounts Payable, Notes Payable) 2. Revenue Accounts 3. Capital Account
1. Only Revenue Accounts
1. Only Liabilities
Credit Balance includes: _________.
1. Liabilities (Accounts Payable) 2. Sales 3. Capital Account
1. Assets (Cash) 2. Purchases 3. Drawings
1. Expenses 2. Prepaid Insurance 3. Inventory
1. Goodwill 2. Rent Receivable 3. Furniture
Expenses Greater than Revenue results in _________
Net Loss
Net Profit
Gross Profit
Operating Income
Revenue Greater than Expenses results in _________
Net Income
Net Loss
Gross Loss
Operating Expense
Credit and a Credit or a Debit and a Debit: _________.
Add the numbers together
Subtract the numbers
Ignore the numbers
Multiply the numbers
Debit and a Credit or a Credit and a Debit: _________.
Subtract the numbers
Add the numbers
Multiply the numbers
Ignore the numbers
Income Statement measures _________
whether or not a business had made or lost money in an Accounting Period
the total assets of a business at year end
the cash flow of a business for the next year
the number of employees in a business
Fill in the blank: ________ compares Assets to Liabilities and Owners Equity. Left side must equal right side when done.
Balance Sheet
Income Statement
Cash Flow Statement
Trial Balance
Fill in the blank: An Accountant's tool used to gather information, make adjustments and then prepare financial statements from is called a ________.
Worksheet
Ledger
Invoice
Voucher
Fill in the blank: Worksheet entries recorded to update general ledger accounts at the end of a fiscal period are called ________.
Adjusting Entries
Closing Entries
Reversing Entries
Correcting Entries
Fill in the blank: Done at beginning of worksheet to make sure all accounts in the ledger balance is called ________.
Trial Balance
Ledger Posting
Bank Reconciliation
Final Accounts
Fill in the blank: List of those people that owe you money at the end of the accounting period is called ________.
Schedule of Accounts Receivable
Schedule of Accounts Payable
Trial Balance
Cash Book
Fill in the blank: List of those people that you owe money to at the end of the accounting period is called ________.
Schedule of Accounts Payable
Schedule of Accounts Receivable
Trial Balance
Cash Book
Fill in the blank: Recorded on the Right side of a T account is called ________.
Credit
Debit
Asset
Liability
Fill in the blank: Recorded on the left side of T account is called ________.
Debit
Credit
Balance
Entry
Fill in the blank: Normal Balance of an Asset and Normal Balance of Expense is ________.
Debit
Credit
Contra
Offset
Fill in the blank: Normal Balance of Liability, Normal Balance of Sales, and Normal Balance of Capital Account is ________.
Credit
Debit
Asset
Expense
Fill in the blank: ________ means check bank refuses to pay.
Dishonored Check
Cleared Check
Postdated Check
Bearer Check
Petty Cash: ________ (Fill in the blank with the correct definition)
An amount of cash kept on hand and used for making small payments.
A type of long-term investment in stocks.
A loan given to employees for personal use.
A method of calculating annual profits.
Cash short and over: ________ (Fill in the blank with the correct definition)
a petty cash on hand amount that is less than recorded amount or petty cash on hand amount that is more than recorded amount.
a type of bank reconciliation error.
an account used to record cash receipts only.
a method for calculating interest on loans.
Outstanding Check: ________ (Fill in the blank with the correct definition)
Check that has been deposited in an account but not yet recorded by bank on bank statement.
Check that has been cleared and recorded by the bank.
Check that has been voided by the account holder.
Check that has been returned due to insufficient funds.
Outstanding Deposit: ________ (Fill in the blank with the correct definition)
Deposit made by you, but not recorded on the bank statement yet.
Deposit recorded on the bank statement, but not made by you.
Deposit made by you and already recorded on the bank statement.
Deposit made by the bank on your behalf.
Bank reconciliation: ________ (Fill in the blank with the correct definition)
Form used to verify amount on bank statement and the checkbook match.
A document used to record daily sales.
A method for calculating interest on loans.
A process for issuing new checks.
Cancelled check: ________ (Fill in the blank with the correct definition)
one that has been paid by the bank.
one that has not been signed by the account holder.
one that is post-dated.
one that is lost or stolen.
Bought Supplies for Cash: ________ (Fill in the blank with the correct accounting entry)
Cash Credit -- Supplies Debit.
Supplies Credit -- Cash Debit.
Cash Debit -- Supplies Credit.
Supplies Debit -- Cash Credit.
Purchased Merchandise for Cash: ________ (Fill in the blank with the correct accounting entry)
Cash Credit -- Purchases Debit.
Cash Debit -- Purchases Credit.
Purchases Credit -- Cash Debit.
Sales Debit -- Cash Credit.
Received cash from owner as in investment: ________ (Fill in the blank with the correct accounting entry)
Cash Debit -- Capital Account Credit.
Capital Account Debit -- Cash Credit.
Cash Credit -- Capital Account Debit.
Capital Account Credit -- Cash Debit.
Owner withdrew cash for personal use: ________ (Fill in the blank with the correct accounting entry)
Cash Credit -- Drawing Account Debit.
Drawing Account Credit -- Cash Debit.
Capital Account Credit -- Cash Debit.
Cash Debit -- Capital Account Credit.
Paid Cash for Insurance: ________ (Fill in the blank with the correct accounting entry)
Cash Credit -- Prepaid Insurance Debit.
Prepaid Insurance Credit -- Cash Debit.
Insurance Expense Credit -- Cash Debit.
Cash Debit -- Prepaid Insurance Credit.
Received cash from sales: ________ (Fill in the blank with the correct accounting entry)
Sales Credit -- Cash Debit.
Sales Debit -- Cash Credit.
Cash Credit -- Sales Debit.
Purchase Debit -- Cash Credit.
Sold Services on Account: ________ (Fill in the blank with the correct accounting entry)
General Debit -- Sales Credit.
Sales Debit -- Cash Credit.
Cash Debit -- Sales Credit.
Sales Debit -- General Credit.
Received Cash on Account: ________ (Fill in the blank with the correct accounting entry)
General Credit -- Cash Debit.
General Debit -- Cash Credit.
Cash Credit -- General Debit.
Sales Credit -- Cash Debit.
Fill in the blanks: When cash is paid for rent, the correct accounting entry is ______ Credit -- ______ Account Debit.
Cash Credit -- Expense Account Debit
Expense Credit -- Cash Account Debit
Rent Credit -- Cash Account Debit
Cash Credit -- Rent Account Debit
