Basic Accounting Practice And Definitions.

Approved & Edited by ProProfs Editorial Team

The editorial team at ProProfs Quizzes consists of a select group of subject experts, trivia writers, and quiz masters who have authored over 10,000 quizzes taken by more than 100 million users. This team includes our in-house seasoned quiz moderators and subject matter experts. Our editorial experts, spread across the world, are rigorously trained using our comprehensive guidelines to ensure that you receive the highest quality quizzes.

Learn about Our Editorial Process

| By Jc173

Jc173

Community Contributor

Quizzes Created: 23 | Total Attempts: 14,677

Questions: 50 | Attempts: 474 | Updated: Mar 21, 2023

Questions

Settings

Feedback

During the Quiz End of Quiz

Play as

Quiz Flashcard

Create your own Quiz

Basic Accounting Practice And Definitions. - Quiz

Questions and Answers

Quiz Review Timeline +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

Current Version
Mar 21, 2023

Quiz Edited by
ProProfs Editorial Team
Jun 09, 2012

Quiz Created by
Jc173

Basic Accounting Practice And Definitions.

Which of the following best describes a liability? Liabilities are:

The major types of transactions that affect retained earnings are:

The amount of net income shown on the income statement also appears on the:

Jason purchased office equipment for $4,800 on account. This transaction would

Jason paid $3,700 on account to the company from which equipment was purchased on credit. This transaction would

Stephen purchased office supplies for $800 in cash. This transaction would

Meghan started her business by investing $30,000 in cash. This transaction would

Any accounting period of twelve monts duration is usually referred to as a(n)

An example of an expense is

The financial statement that should be comleted first is the

Current assets are assets expected to be converted to cash, sold, or consumed within the next:

The financial statement that shows the state of the firms assets, liablities, and owners equity on a specific date is called a(n)

A net profit of the business is:

Any event that has a financial impact on the business and can be measured is a

Revenues are recorded when

A company received cash in exchange for issuing stock. This transaction increased assets and

When a business makes a sale on account, the asset created is a(n)

The debit created by a business when it makes a purchase on account is a(n)

A company paid cash for an amount owed to a creditor. This transaction decreased cash and

What type of account is cash?

Purchasing supplies on account would

A company paid cash for employee wages. This transaction:

Notes payable, accounts payable, taxes payable and salaries payable are all examples of

The left side of a T-acccount is always the:

A listing of all the accounts that make up the ledger is called the:

An account will have a debit balance if:

Receiving a check from a customer on account would include a credit to:

The trial balance is used to determine whether:

The accounting equation can be stated as:

Which of the following financial statements shows the net increase or decrease in cash during the period?

Notes recievable due in 60 days would be classified as a

What type of account is prepaid insurance?

The owner of a business paid cash from his personal checking account to purchase an automobile for his personal use. This transaction

The balance sheet lists

The credit side of an account

The right side of a T-account is always the

Double-entry accounting means that each transaction

ABC company had a beginning cash balance of $10,000, recieved cash of $8,000 and ended the month with a cash balance of $6,000. Cash payments for the month were:

The normal balance of accounts receivable is a ___________ because it is a(n) ________________ account

A trial balance has which of the following features

The normal balance of the Accounts Payable account is _____________ because it is a(n) ___________ account

A net loss of the business is:

The financial statement that shows the state of the firms revenue and expenses is called a(n)

A business purchases a truck by signing a note payable to the seller. This transaction would include a:

The entry to record the purchase of supplies on account would include a debit to:

The payment for monthy rent of an office building would include a:

The purchase of office furniture for cash would include a debit to:

The purchase of office computers for cash would include a debit to:

The classification and normal balance of the cash account is:

An example of an expense is

The normal balance of accounts receivable is a _ because it is a(n) ______ account

The normal balance of the Accounts Payable account is ___ because it is a(n) _ account