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Sample Accounting Basics Questions
1) The title of the asset account that reports the unexpired cost of insurance premiums that have already been paid is _____________ Insurance.
2) The owner's equity section of a corporation's balance sheet is known as shareholders equity or _______________________ equity.
3) The title of the liability account that reports amounts that were received by the company before they were earned is ________________ Revenues.
4) The financial statement that reports the financial position of a company as of an instant or point in time is the ________________ sheet.
5) The balance sheet reports amounts that apply at a particular ____________ in time.
6) An entry to the left-side of an account.
7) This component of Property, Plant & Equipment is not depreciated.
8) The accounting guideline that prevents assets from being reported at amounts greater than their cost is the __________ principle.
9) Sometimes inventory is reported at an amount that is __________ than cost.
10) The basis or method of accounting that is less effective than the accrual basis in measuring profitability.
