Accounting exam
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
|
|
||||
|---|---|---|---|---|---|
| The accounting equation | Assets, Liabilities, Owners Equity
🗑
|
||||
| A lost check with a blank endorsement on it can be cashed by | anyone who has the check
🗑
|
||||
| Total assets are $35000. Cash is paid for $2500 of supplies. Total assets are? | $35000
🗑
|
||||
| To stat a business, the owner invested $18000, bought $2500 of supplies, insurance coverage of $1000, and bought an additional $800 of supplies on account. Total assets are? | $10800
🗑
|
||||
| A business has total cash of $20000. Then the business pays $500 on account, buys insurance coverage of $750, buys supplies for $1000 and pays $200 more on account. the balance of the cash account is? | 17550
🗑
|
||||
| A business has total assets of $20000. Then the business pays $2000 on account, buys insurance coverage of $750, buys supplies for $1500, and pays $600 more on account. Total assets are now | 17400
🗑
|
||||
| A transaction that increases cash and decreases owner's equity is ___. | revenue
🗑
|
||||
| When a business pays cash on account, a liability account is | Decreased by a debit
🗑
|
||||
| When a business receives revenue, Sales is | increased by a credit
🗑
|
||||
| Decreases in an asset account are shown on a T account's (which side) | credit side
🗑
|
||||
| When $5000 cash is received on account, Accounts recievable is _______ with a ____ and Cash is _____ with a ____. | Decreased, credit, increased, debit
🗑
|
||||
| Any expense account is debited or credited? | Debited!
🗑
|
||||
| A check must be signed with (a) black ink (b)a restrictive endorsement (c) only the first and last name (d) the same signature as on the signature card | D. the same signature as on the signature card
🗑
|
||||
| if the Trial Balance columns are not equal and the difference is 1, the error often is _____ | addition
🗑
|
||||
| When total revenue is less than total expenses, the difference is ___- | Net loss
🗑
|
||||
| Informaiton needed to prepare an income statement's revenue section is obtained from a work sheet's Account Title column and ___ | Income Statement Credit Column
🗑
|
||||
| The percentage relationship between one financial statement item and the total that includes that item is ___. | component percentage
🗑
|
||||
| Informaiton needed to prepare a balance sheet assets section is obtained from a work sheet's Account Title column and ___. | Balance sheet debit column
🗑
|
||||
| Adjustments are analyzed and planned where? | On a worksheet
🗑
|
||||
| Information needed to prepare a balance sheet assets section is obtained from a work sheet's Account Tittle column and ____. | Balance Sheet Debit Column
🗑
|
||||
| Accounts used to accumulate informaiton from one fiscal period to the next are__ accounts. | permanent
🗑
|
||||
| The formula for caluculating the net income component percentage is ____. | net income divided by total sales equals net income component percentage.
🗑
|
||||
| After the adjusting entry for Supplies has been posted, Supplies expense has an up-to-date balacne, wheich is the ___. | Value of supplies used druing the fiscal period.
🗑
|
||||
| the journal entry to adjust Prepaid Insurance is ___. | debit Insurance Expense; creidt Prepaid Insurance.
🗑
|
||||
| When the total expenses are greater than the total revenue, _____. | The income summary account has a debit balance.
🗑
|
||||
| Information needed for closing entries is found in the ____. | Income Statement and Balance Sheet columns of the work sheet
🗑
|
||||
| Which accounting concept applies when financial statements are prepared from information on the work sheet? | Adequate Disclosure
🗑
|
||||
| After the closing entries are posted, the only accounts with balances are ____ accounts. | Permanent
🗑
|
||||
| Information needed for recording the closing entries is obtained from the | work sheet's Income Statement and Balance Sheet columns
🗑
|
||||
| Recording business transactionsin dollars is an application of the accounting concept. | unit of measure
🗑
|
||||
| When cash is decreased and supplies are increased by an equal amount, __ | liabilities and capital are not changed.
🗑
|
||||
| buying items and payingfor them at a future date is | a common business practice.
🗑
|
||||
| Why might a check be dishonored? | -check appears altered. -signature of person who signed the check doesn't match the signature card at the bank. amounts written figures and words don't agree. postdated. person who wrote check stopped payment on check.
🗑
|
||||
| The total of all debit account balances must equal the total of all _____ ______ ______. | Credit Account Balances.
🗑
|
||||
| The series of accounting activities included in recording financial information for a fiscal period is called ____________. | The answer is accounting cycle.
🗑
|
||||
| Journal entries recorded to update general legder accounts at the end of a fiscal period is called what??? | adjusting entries
🗑
|
||||
| check with a future date on it is called ________ | Postdated Check
🗑
|
||||
| What steps are taken when journalizing cash received from sales | date account debited cash in the account title title of the account credited sales source document in the doc number
🗑
|
||||
| What are the two types of equities? | Equity of those whom money is owed and Equity of the owner
🗑
|
||||
| What is the four steps that a journal entry consists? | (1) date, (2) debit, (3) credit, and (4) source document.
🗑
|
Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Created by:
corunna
Popular Accounting sets