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Accounting Questions - All Grades

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The Accounting questions below are in the following grade levels:
Grades: 7 8 9 10 11 12 College Graduate Continuing Education
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None :: Accounting by untwaful
The party that receives the check.
  1. payor
  2. payee
  3. employer
  4. employee
Grade 12 :: Accounting by Geo2127
Resources owned by a business are referred to as
  1. owners' equity.
  2. liabilities.
  3. assets.
  4. revenues.
Grade 12 :: Accounting by Geo2127
A debit is the normal balance for which account listed below?
  1. Capital account
  2. Service Revenue account
  3. Accounts Payable account
  4. Accounts Receivable account
Grade 7 :: Accounting by Tamelasr
When calculating the Owner's Equity, what math problem would be correct?
  1. Revenue - Expenses
  2. Revenue - Liabilities
  3. Assets - Liabilities
  4. Assets - Expenses
  5. None of the above
Grade 12 :: Accounting by Geo2127
A credit to the accounts receivable account
  1. indicates a sale to customers on account has occurred.
  2. indicates a payment from customers on their account has been received.
  3. is an error.
  4. indicates that a liability has been incurred.
College :: Accounting by Ike19
Ike's Lawn Service billed a client on May 1 for a service totaling $ 250. When the client pays said costs, what is the effect on the accounting equation?
  1. Liabilities decrease and owners' equity increases
  2. Assets increase and assets decrease
  3. Assets increase and owners' equity increases
  4. Assets decrease and liabilities decrease
Grade 7 :: Accounting by Tamelasr
A Balance Sheet consists of the following:
  1. Assets, expenses and owner's equity
  2. Assets, revenuse and net loss
  3. Assets, liabilities and owner's equity
  4. Assets, liabilities and net income
  5. none of the above
Grade 7 :: Accounting by Tamelasr
On an Income Statement one will find:
  1. Assets, liabilities and owner's equity
  2. Assets, expenses and owner's equity
  3. Revenue, assets and net income
  4. Revenue, expenses and net income
  5. None of the above
College :: Accounting by candij00
Which of the following is an example of a deferral?
  1. Accruing year-end wages
  2. Recognizing revenues earned but not yet recorded
  3. Recording prepaid rent
  4. Recognizing expenses incurred but not yet recorded
  5. None of the options listed
College :: Accounting by candij00
If beginning capital was $25,000, ending capital is $37,000, and the owner?s withdrawals were $23,000, the amount of net income or net loss for the period was:
  1. Net loss of $35,000
  2. Net income of $35,000
  3. Net income of $14,000
  4. Net loss of $14,000
  5. None of the options listed
College :: Accounting by candij00
Working capital is a measure of:
  1. Consistency
  2. Liquidity
  3. Profitability
  4. Solvency
  5. None of the options listed
Grade 12 :: Accounting by Geo2127
What are expenses?
  1. Cost of selling products or services
  2. Amounts owed
  3. Distributions to stockholders
  4. Owners' claims to resources
Grade 7 :: Accounting by Tamelasr
Occasionally businesses will lose money. When does this become a problem and the business may have to close?
  1. This is never a problem
  2. This is a problem when Liabilities are high
  3. This is a problem when Expenses are high
  4. This is a problem when Revenue and assets are high
  5. This is a problem when there is a net loss every month
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