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- 1. Fill in the Blank
Every transaction affects at least 2 ................
- 2. Multiple Choice
Classify the following account:
Supplies
Income
Expenses
Assets
Liabilities
- 3. Fill in the Blank
Complete the accounting equation:
Assets + .................... = Liabilities + Income + Equity
- 4. Multiple Choice
Which accounting element relates to this transaction?
Hannah's Handbags paid interest to the bank of $120
Equity
Expenses
Income
Liabilities
- 5. Multiple Choice
Classify the following account:
Drawings
Income
Assets
Expenses
Equity
- 6. Multiple Choice
Which accounting element relates to this transaction?
Hannah contributed equipment of $1,000 and cash of $1,500 to Hannah's Handbags.
Income
Liabilities
Equity
Assets
- 7. Fill in the Blank
Total Income - Total Expenses = ...................
- 8. Multiple Choice
Which accounting element relates to this transaction?
Hannah's Handbags received a loan from the bank for $4,000.
Liabilities
Income
Expenses
Equity
- 9. Fill in the Blank
Assets - ................... = Equity
- 10. Multiple Choice
True or false? Drawings decreases equity
True
False
- 11. Multiple Choice
Which accounting element relates to this transaction?
Hannah's Handbags paid wages $150.
Income
Liabilities
Equity
Expenses
- 12. Multiple Choice
Classify the following account:
Mortgage
Assets
Expenses
Income
Liabilities
- 13. Multiple Choice
In transactional analysis, accounts affected on the SAME side will have ................ signs (+/-)
same
different
- 14. Poll
How are you feeling about the accounting topic?
Great!
Pretty good
Okay
Not good
Bad
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