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Tenth Grade (Grade 10) Accounting Questions

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Grade 10 Accounting
What is the name for a formal report that shows what an individual owns, what an individual owes, and the difference between the two?
  1. accounting
  2. net worth statement
  3. personal net worth
  4. accounting system
Grade 10 Accounting
accounting
  1. A planned process designed to compile financial data and summarize the results in accounting records and reports.
  2. A formal report that shows what an individual owns, what an individual owes, and the difference between the two.
  3. formal written document that describes the nature of a business and how it will be run
  4. Planning, recording, analyzing, and interpreting financial information.
Grade 10 Accounting
The name given to an account is the account title.
  1. True
  2. False
Grade 10 Accounting
What are the normal or typical balances for the following accounts:

Note Payable:          Credit         
Cost of Goods Sold:          Debit          
Sales:          Credit         
Checking:          Debit          
Prepaid Rent:          Debit          
Payroll Liabilities:          Credit         
Interest Expense:          Debit          
Grade 10 Accounting
                  ...............                  Using the accounting equation:
Owner's equity= 36,000, Liabilities=27,000, Assets=
Grade 10 Accounting
In Sole Proprietorship that is owned and run by one individual and in which there is no legal distinction between the owner and the business.
  1. True
  2. False
Grade 10 Accounting
A balance sheet is often described as a "snapshot of a company's financial condition".
  1. True
  2. False
Grade 10 Accounting
Franchising is the practice of using a strategic plan and business model you came up with.
  1. True
  2. False
Grade 10 Accounting
Describe the advantages and disadvantages in owning a franchise:
Grade 10 Accounting
Describe what a Target Market is.
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