Accounting For Kids!

15 Points Per Correct Answer - No time limit  

1. Which is not one of the five classifications of accounts? sales expenses assets equities

2. What side of a T account is the debit side? right the debit side could be either side it depends on the account classification left

3. Which financial statement includes the account "Petty Cash"? balance sheet statement of retained earnings income statement none of these

4. Which of these financial statements applies to a single point in time? balance sheet statement of retained earnings income statement statement of cash flow

5. Suppose an owner wanted to invest some of his own money into the company. What type of source document would be needed? sales invoice receipt check memorandum

6. Suppose a company buys supplies from a second company but won't pay for it until later. What type of source document would the first company need? sales receipt receipt check memorandum

7. If you make a sale, the "sales" account increases. On what side of the T account does "sales" increase? both debit and credit debit credit depends on the type of sale

8. Which of the following accounts must be closed at the end of the year? Cash State Unemployment Tax Inventory Advertising Expense

9. What type of date does a postdated check have written on it? future date present date past date non-existent date

10. Suppose an account is debited for $50 and another account is credited for $40. What amount is needed for the transaction to balance? debit of $10 credit of $10 credit of $90 no other amount is needed