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Professional Development
Professional Development
Basic Accounting Terms 1
23 questions
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- 1. Multiple ChoiceAssets taken out of a business for the owner's personal usecapitalwithdrawalsequitiesrevenue
- 2. Multiple ChoiceA decrease in owner's equity resulting from the operation of a businessaccountcapitalassetexpense
- 3. Multiple ChoiceAmount owed by a businessliabilityassetcapitalaccount
- 4. Multiple ChoiceA business activity that changes assets, liabilities, or owner's equitytransactionexpenserevenuesale on account
- 5. Multiple ChoiceAnything of value that is ownedaccountassetwithdrawalexpense
- 6. Multiple ChoiceA business owned by one personservice businessrevenueexpenseproprietorship
- 7. Multiple ChoiceThe amount in an accountaccount titlerevenueaccount balanceaccounting records
- 8. Multiple ChoiceThe account used to summarize the owner's equity in a businessaccountexpensecapitalrevenue
- 9. Multiple ChoiceAn increase in owner's equity resulting from the operation of a businessassetexpensewithdrawlrevenue
- 10. Multiple ChoiceRevenues minus expenses equals _____________________.
(Revenues-Expenses = _______________)ProfitOverheadIncomeNone of the above - 11. Multiple ChoiceAnything of value that is owned by the company (such as cash, accounts receivables, vehicles, etc.) are reported on the balance sheet and are referred to as _______________.assetsliabilitiesprofitincome
- 12. Multiple ChoiceThe basic accounting equation is Assets=Liabilities + _______________________.IncomeOwner's EquityExpensesProfit
- 13. Multiple ChoiceThe ________________ __________________ is one of the main financial statements and reports revenues and expenses for a period of time such as a month or year.Income StatementBalance SheetIncome WorksheetBalance Sheet
- 14. Multiple ChoiceThe _____________________________ is one of the main financial statement and reports the assets, liabilities, and owner's equity at a specific point in time.Income StatementBalance SheetIncome WorksheetBalance Worksheet
- 15. Multiple ChoiceWhat is owner's equity?The amount of money the owner's hasThe stock optionsThe assetsThe assets minus the liabilities of a business
- 16. Multiple ChoiceWhat is assets?Cash in the businessAnything that a creditor has financial claim toWhat remains after liabilities are paidany item or property owned by the business
- 17. Multiple ChoiceAssets taken out of a business for the owner's personal usecapitalwithdrawalsequitiesrevenue
- 18. Multiple ChoiceAccounting entries involve a minimum of how many accounts?0123
- 19. Multiple ChoiceWhen cash is received, the cash account does what?IncreasesDecreasesStays the sameThere is no cash account
- 20. Multiple ChoiceWhen a company pays a bill using cash, the cash account does what?IncreasesDecreasesStays the sameThere is no cash account
- 21. Multiple ChoiceWhen a company buys supplies on account, the cash account does what?IncreasesDecreasesStays the sameThere is no cash account
- 22. Multiple ChoiceReceived cash from owner as investmentIncrease cash & capitalDecrease cash & capitalIncrease assets & liabilitiesDecreases assets & liabilities
- 23. Multiple ChoiceCompany purchases supplies on accountIncrease cash, decrease suppliesDecrease cash, increase suppliesIncrease supplies, increase accounts payableDecrease supplies, decrease accounts payable
- Answer choicesTagsAnswer choicesTags