Accounting Worksheets Quiz1

Money spent

• income
• expense
• net income
• gross income

An element of the income statement that informs the business of just how much money it is making

• Net income

• Creditors

• Revenue

• Income Statement

Which one is right?

• Asset = Owner's equity + Liability

• Asset = Owner's equity - Liability

• Asset + Owner's equity = Liability

• Asset + Owner's equity = expense

What's the order of three W?

• What - When - who

• Who - What - When

• When - Who - What

Which of the following is a category or element of the balance sheet?

• Expenses

• Gains

• Liabilities

• Losses

If OE is $300 and Assets are $1500, the Liabilities are:

• $1800

• $1200

• $300

• $1500

From which accounting document is the trial balance prepared?

• Journals

• Ledgers

• Source documents

• Vouchers

This is the process of transferring amounts from journals to ledgers.

• Classifying

• Posting

• Summarizing

• Recording

This refers to the process of entering information in the journals which occurs immediately after the analysis phase of the accounting cycle.

• Adjusting

• Closing

• Journalizing

• Classifying

Adjusting entries are necessary because accounts are allowed to become inaccurate between financial statement dates.

• True

• False