Accounting Training

20 Questions

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Accounting Training


Questions and Answers
  • 1. 
    The financial statement that reports the revenues and epenses for a peiod of time such as a year or a month is the ? 
    • A. 

      Balance Sheet

    • B. 

      Income Statemnt

    • C. 

      Stament of Cash Flows

  • 2. 
    The financial statement that reports the assets, liabilities, and stokholders' (owner's) equity at a spececific date is the 
    • A. 

      Income Statement

    • B. 

      Balance Sheet

    • C. 

      Cash Flows

  • 3. 
    Under the accrual basis of accounting, revenues are reported in the accounting period when?
    • A. 

      Cash is received

    • B. 

      Services of goods have been delivered

    • C. 

      Balance sheet

  • 4. 
    Under the accrual basis of accounting, expenses are reported in the acounting period when
    • A. 

      Cash is paid

    • B. 

      Expense matches the revenues or is used up

    • C. 

      Chart of accounts

  • 5. 
    Revenues minus expenses equals
    • A. 

      Sales

    • B. 

      Income statement

    • C. 

      Net Income

  • 6. 
    Resources owned by a company (such as cash, accounts receivable, vehicles) are reported on the balance sheet and are referred to as?
    • A. 

      Net income

    • B. 

      Liability

    • C. 

      Assets

  • 7. 
    Assets are usually reported on the balance sheet at which amount?
    • A. 

      Expected selling price

    • B. 

      Current Market ValueLiability

    • C. 

      Cost

  • 8. 
    Obligations (amounts owed) are reported on the balance sheet and are referred to as?
    • A. 

      Assets

    • B. 

      Net Income

    • C. 

      Liabilities

  • 9. 
    Liabilities often have the word___________in their account title?
    • A. 

      Income Statement

    • B. 

      Payable

    • C. 

      Assets

  • 10. 
    Unearned revenues is what type of account?
    • A. 

      Asset

    • B. 

      Liability

    • C. 

      Stockholders' (Iwber's) Equity

  • 11. 
    Accounting entries involve a minimum of how many accounts?
    • A. 

      One

    • B. 

      Two

    • C. 

      Three

  • 12. 
    The listing of all of the accounts available for use in a company's accounting systemis known as the ?
    • A. 

      The revenues or is used up

    • B. 

      Liability

    • C. 

      Chart of Accounts

  • 13. 
    Assets minus liabilities equals?
    • A. 

      Net income

    • B. 

      Liability

    • C. 

      Stockholder's equity or owner's equity

  • 14. 
    Which term is associaed with "left" or "left-=side"?
    • A. 

      Net income

    • B. 

      Credit

    • C. 

      Debit

  • 15. 
    • A. 

      Liability

    • B. 

      Credit

    • C. 

      Debit

  • 16. 
    • A. 

      Net income

    • B. 

      Debited

    • C. 

      Credited

  • 17. 
    • A. 

      Debited

    • B. 

      Liability

    • C. 

      Credited

  • 18. 
    • A. 

      Assets

    • B. 

      Debit

    • C. 

      Credit

  • 19. 
    • A. 

      Debits

    • B. 

      Liability

    • C. 

      Credits

  • 20. 
    Entries to revenues accounts such as service revenues are usually
    • A. 

      Net profit

    • B. 

      Debits

    • C. 

      Credits