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Twelfth Grade (Grade 12) Accounting Questions

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Grade 12 Accounting
Resources owned by a business are referred to as
  1. owners' equity.
  2. liabilities.
  3. assets.
  4. revenues.
Grade 12 Accounting
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.
Grade 12 Accounting
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 12 Accounting
XYZ, Inc. paid its supplier $1,000 to satisfy an accounts payable balance. How should XYZ record this transaction?
  1. Debit accounts payable and credit cash for $1,000.
  2. Debit supplies expense and credit cash for $1,000.
  3. Credit accounts payable and debit cash for $1,000.
  4. Only credit a cash for $1,000.
Grade 12 Accounting
What are liabilities?
  1. costs of selling products or services
  2. distributions to stockholders
  3. owners' claims to resources
  4. expense to run business
  5. amounts owed
Grade 12 Accounting
What's revenue?
  1. costs of selling products or services
  2. expense to run business
  3. sales of products or services
  4. distributions to stockholders
  5. Assets purchased to run business
Grade 12 Accounting
What are expenses?
  1. Cost of selling products or services
  2. Amounts owed
  3. Distributions to stockholders
  4. Owners' claims to resources
Grade 12 Accounting
XYZ, Inc. borrowed $1,000 from the bank and debited its cash account for $1,000. What should be done to complete the recording of the transaction?
  1. Nothing further must be done.
  2. Debit a owners' equity account for $1,000.
  3. Credit another asset account for $1,000.
  4. Credit a liability account for $1,000.
Grade 12 Accounting
What is owners' equity?
  1. sales of products or services
  2. owners' claims to resources
  3. resources owned
  4. costs of selling products or services
  5. amounts owed
Grade 12 Accounting
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