Review Game Zone
Flash Cards
(current)
Games
Teachers
Search
IBT Accounting Unit Review
Test Description: Review for unit assessment.
Instructions: Answer all questions to get your test result.
1) If revenues are greater than expenses, you have a net loss.
A
True
B
False
2) If expenses are greater than revenues, you have a net loss.
A
False
B
True
3) A balance sheet is prepared for a specific date.
A
True
B
False
4) An income statement is prepared for a period of time.
A
False
B
True
5) Temporary accounts are “closed out” at the end of the year.
A
False
B
True
6) If Assets total $500,000 and Liabilities total $450,000, Owner’s Equity is $950,000.
A
False
B
True
7) If Assets total $500,000 and Liabilities total $450,000, Owner’s Equity is $50,000.
A
True
B
False
8) Revenues - Expenses = Owner’s Equity
A
False
B
True
9) A balance sheet shows the net income or loss of a business.
A
True
B
False
10) An income statement shows the assets, liabilities, and owner’s equity of a business.
A
True
B
False
*select an answer for all questions
Check Results & Get Answers
Play Games with the Questions Above
Teachers: Create FREE classroom games with your questions
Click for more info!
©2007-2024
ReviewGameZone.com
|
About
|
Privacy
|
Contact
|
Terms
|
Site Map
WAIT! Find what you needed?
×
Still Looking for the Answers?
Have Another Question?
Play a Review Game with These Questions?
Want to Make Your Own Test Like This One?