Accounting test

Choose correct answer :

1. 1. 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
2. 2. 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
3. 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. 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. 5. Revenues minus expenses equals
   __________
   .
6. 6. Resources owned by a company (such as cash, accounts receivable, vehicles) are reported on the balance sheet and are referred to as
   __________
   .
7. 7. Assets are usually reported on the balance sheet at which amount?
   
   Cost
   Current Market Value
   Expected Selling Price
8. 8. Obligations (amounts owed) are reported on the balance sheet and are referred to as
   __________
   .
9. 9. Liabilities often have the word
   __________
   in their account title.
10. 10. Unearned Revenues is what type of account?
    
    Asset
    Liability
    Stockholders' (Owner's) Equity
11. 11. Accounting entries involve a minimum of how many accounts?
    
    One
    Two
    Three
12. 12. The listing of all of the accounts available for use in a company's accounting system is known as the
    __________
    .
13. 13. Assets minus liabilities equals
    __________
    .
14. 14. Which term is associated with "left" or "left-side"?
    
    Debit
    Credit
15. 15. Which term is associated with "right" or "right-side"?
    
    Debit
    Credit
16. 16. When cash is received, the account Cash will be
    
    Debited
    Credited
17. 17. When a company pays a bill, the account Cash will be
    
    Debited
    Credited
18. 18. What will usually cause an asset account to increase?
    
    Debit
    Credit
19. 19. What will usually cause the liability account Accounts Payable to increase?
    
    Debit
    Credit
20. 20. Entries to expenses such as Rent Expense are usually
    
    Debits
    Credits
21. 21. Entries to revenues accounts such as Service Revenues are usually
    
    Debits
    Credits