Accounting Worksheets
Quiz
•
Business
•
10th - 12th Grade
•
Medium
Standards-aligned
Candee Parkhurst
Used 15+ times
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36 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An element of the income statement that informs the business of just how much money it is making
Net income
Creditors
Revenue
Income Statement
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If Owner's Equity is $300 and Assets are $1500, the Liabilities are:
$1800
$1200
$300
$1500
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
From which accounting document is the trial balance prepared?
Journals
Ledgers
Source documents
Vouchers
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
This is the process of transferring amounts from journals to ledgers.
Classifying
Posting
Summarizing
Recording
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Adjusting entries are necessary because accounts are allowed to become inaccurate between financial statement dates.
True
False
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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