01 Acctg Basics
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Drills for the Topic... Accounting Basics
NOTE: For multiple-choice and true/false questions, simply place your cursor over what you think is the correct answer. (There is no need to click the answer.) For fill-in-the-blank questions place your cursor over the _________. If you have difficulty answering the following questions, learn more about this topic by reading our Accounting Basics Explanation. The financial statement that reports the revenues and expenses for a period of time such as a year or a month is the balance sheet income statement statement of cash flows 1.
The financial statement that reports the assets, liabilities, and stockholders' (owner's) equity at a specific date is the balance sheet income statement statement of cash flows 2.
3. Under the accrual basis of accounting, revenues are reported in the accounting period when the cash is received service or goods have been delivered
4. Under the accrual basis of accounting, expenses are reported in the accounting period when the cash is paid expense matches the revenues or is used up
5. Revenues minus expenses equals _______ ________________.
6.
Resources owned by a company (such as cash, accounts receivable, vehicles) are reported on the balance sheet and are referred to as __________________.
7. Assets are usually reported on the balance sheet at which amount?
cost
8.
current market value
expected selling price
Obligations (amounts owed) are reported on the balance sheet and are referred to as ________________.
9. Liabilities often have the word ________________ in their account title.
10. Unearned Revenues is what type of account? Asset Liability Stockholders' (Owner's) Equity
11. Accounting entries involve a minimum of how many accounts? one two three
12.
The listing of all of the accounts available for use in a company's accounting system is known as the _____________ ___ _______________.
13. Assets minus liabilities equals ______________________ _____________.
14. 15. 16. 17. 18. 19. 20. 21.
Which term is associated with "left" or "left-side"? Which term is associated with "right" or "right-side"? When cash is received, the account Cash will be When a company pays a bill, the account Cash will be What will usually cause an asset account to increase? What will usually cause the liability account Accounts Payable to increase? Entries to expenses such as Rent Expense are usually Entries to revenues accounts such as Service Revenues are usually
Debit Debit Debited Debited Debit Debit Debits Debits
Credit Credit Credited Credited Credit Credit Credits Credits
NOTE: For multiple-choice and true/false questions, simply place your cursor over what you think is the correct answer. (There is no need to click the answer.) For fill-in-the-blank questions place your cursor over the _________. If you have difficulty answering the following questions, learn more about this topic by reading our Accounting Basics Explanation. The financial statement that reports the revenues and expenses for a period of time such as a year or a month is the balance sheet income statement statement of cash flows 1.
The financial statement that reports the assets, liabilities, and stockholders' (owner's) equity at a specific date is the balance sheet income statement statement of cash flows 2.
3. Under the accrual basis of accounting, revenues are reported in the accounting period when the cash is received service or goods have been delivered
4. Under the accrual basis of accounting, expenses are reported in the accounting period when the cash is paid expense matches the revenues or is used up
5. Revenues minus expenses equals _______ ________________.
6.
Resources owned by a company (such as cash, accounts receivable, vehicles) are reported on the balance sheet and are referred to as __________________.
7. Assets are usually reported on the balance sheet at which amount?
cost
8.
current market value
expected selling price
Obligations (amounts owed) are reported on the balance sheet and are referred to as ________________.
9. Liabilities often have the word ________________ in their account title.
10. Unearned Revenues is what type of account? Asset Liability Stockholders' (Owner's) Equity
11. Accounting entries involve a minimum of how many accounts? one two three
12.
The listing of all of the accounts available for use in a company's accounting system is known as the _____________ ___ _______________.
13. Assets minus liabilities equals ______________________ _____________.
14. 15. 16. 17. 18. 19. 20. 21.
Which term is associated with "left" or "left-side"? Which term is associated with "right" or "right-side"? When cash is received, the account Cash will be When a company pays a bill, the account Cash will be What will usually cause an asset account to increase? What will usually cause the liability account Accounts Payable to increase? Entries to expenses such as Rent Expense are usually Entries to revenues accounts such as Service Revenues are usually
Debit Debit Debited Debited Debit Debit Debits Debits
Credit Credit Credited Credited Credit Credit Credits Credits
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