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Accounting TEKS Test Review
Test Description: This game is to help you review for the Accounting TEKS Test.
Instructions: Answer all questions to get your test result.
1) The side of the account that is increased is called
A
Chart of Accounts
B
Normal balance
C
Credit
D
Debit
2) A balance sheet has these sections
A
Assets, Liabilities, and Owner’s Equity
B
Trial Balance, Adjustments and Income Statement
C
Revenue, Expenses, and Net Income
D
Owner’s Equity, Capital and Drawing
3) Account used to summarize the owner’s equity in the business
A
Transaction
B
Captial
C
Asset
D
Liability
4) A business activity that changes assets, liabilities, or owner’s equity
A
Capital
B
Accounting Equation
C
Asset
D
Transaction
5) Assets = Liabilities + Owner’s Equity
A
None of these
B
Accounting System
C
Accounting Equation
D
Transaction
6) When cash is paid for supplies
A
Assets increase; liabilities decrease
B
Assets increase; assets decrease
C
Assets increase; liabilities increase
D
Assets decrease; liabilities decrease
7) An increase in Owner’s Equity resulting from the operation of a business is called.
A
Revenue
B
A Withdrawal
C
A Transaction
D
An Expense
8) A decrease in Owner’s Equity resulting from the operation of a business is called
A
A Withdrawal
B
A Transaction
C
An Expense
D
Revenue
9) Assets taken out of a business for the Owner’s personal use are called
A
Withdrawals
B
Transactions
C
Expenses
D
Revenues
10) An 8 columnar accounting form used to summarize information needed for prepare financial statements.
A
Adjustment
B
Trial Balance
C
Balance Sheet
D
Worksheet
11) The Income Summary account is only used
A
At the end of the fiscal period
B
None of the above
C
December 30 of each year
D
At the end of each month
12) A list of accounts used by a business
A
A Credit
B
An Account
C
A Debit
D
A Chart of accounts
13) A form for recording transactions in chronological order is called
A
A Check
B
A memorandum
C
A Source document
D
A journal
14) A business form ordering a bank to pay cash from a bank account is called
A
A memorandum
B
A journal
C
A source document
D
A check
15) A double ruled line indicates
A
That an error has occured
B
Totals
C
Adding and Subtracting
D
Division of accounts
16) The Accounting concept that is applied when financial statements contain all information necessary to understand a business’s financial condition
A
Matching Expenses and Revenue
B
Going Concern
C
Adequate Disclosure
D
Consistent Reporting
17) Following the same accounting procedures in the same way in each fiscal period is an application of the accounting concept
A
Going Concern
B
Matching Expenses with Revenue
C
Consistent Reporting
D
Adequate Disclosure
18) The length of time for which a business summarizes and reports financial information.
A
Fiscal Period
B
Acounting cycle
C
List Price
D
Pay Period
19) The formula for calculating net income
A
Assets – liabilities + owner’s equity = net income
B
Assets + liabilities + owner’s equity = net income
C
Revenue + expenses = net income
D
Revenue – expenses = net income
20) 41. The current capital to be recorded on a balance sheet is calculated as
A
Capital account balance + net income
B
Capital account balance + net income + owner’s drawing account
C
Capital account balance + net income – owner’s drawing account
D
Capital account balance - net income
*select an answer for all questions
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