Bookkeeping Accounts

Which type of account does not appear in the Balance Sheet ?
1. Assets
2. Liabilities
3. Owner's Equity
4. Revenue
Which type of account does not appear in the Income Statement ?
1. Revenue
2. Liability
3. Expense
The major types of accounts are assets, liabilities, owner's equity, revenue, and expenses.
1. True
2. False
Which type of account tracks the company's cash flow, including cash on hand, bank deposits, and withdrawals ?
1. Accounts Receivable
2. Accounts Payable
3. Cash Accounts
4. Inventory Accounts
Which type of account tracks the money owed to the company by its customers for goods or services provided on credit ?
1. Cash Accounts
2. Equity Accounts
3. Accounts Receivable
4. Revenue
Which type of account tracks the money owed by the company to its suppliers for goods or services received on credit ? a) Accounts Payable b) Fixed Asset Accounts c) Revenue Accounts d) Cash Accounts
1. Accounts Payable
2. Fixed Assets Accounts
3. Revenue Accounts
4. Cash Accounts
Which type of account tracks the cost and value of the company's inventory, including raw materials, work in progress, and finished goods ?
1. Equity Accounts
2. Revenue Accounts
3. Inventory Accounts
4. Fixed Assets Accounts
Which type of account tracks the company's long-term assets, such as buildings, equipment, and vehicles? a) Cash Accounts b) Fixed Asset Accounts c) Accounts Payable d) Revenue Accounts
1. Cash Accounts
2. Fixed Asses Accounts
3. Accounts Payable
4. Revenue Accounts
Which type of account tracks the company's ownership interests, including common stock, retained earnings, and dividends ?
1. Equity Accounts
2. Cash Accounts
3. Accounts Receivable
4. Inventory Accounts
Which type of account tracks the income generated by the company from its operations, such as sales revenue and service revenue ?
1. Revenue Accounts
2. Accounts Payable
3. Fixed Asset Accounts
4. Cash Accounts
Which type of account is used to record expenses incurred by the company, such as rent, salaries, and utilities ?
1. Revenue Accounts
2. Equity Accounts
3. Expense Accounts
4. Cash Accounts
Which type of account is used to record the company's liabilities, such as loans, credit card debt, and accounts payable ?
1. Cash Accounts
2. Equity Accounts
3. Expense Accounts
4. Liability Accounts
Which type of account is used to record the owner's investment in the business and the company's retained earnings ?
1. Equity Accounts
2. Revenue Accounts
3. Expense Accounts
4. Liability Accounts
Assets are accounts that represent resources owned by a business.
1. True
2. False
Liabilities are obligations that a business owes to external parties.
1. True
2. False
Equity accounts represent the owner’s interest in the business.
1. True
2. False
Expense accounts are used to track costs incurred by a business in generating revenue.
1. True
2. False
Contra accounts are used to increase the balance of related accounts.
1. True
2. False
Temporary accounts are closed at the end of an accounting period while permanent accounts carry their balances into future periods.
1. True
2. False
Accounts receivable is an example of a liability account.
1. True
2. False
The chart of accounts is a listing of all account titles used by a company organized by type
1. True
2. False

Bookkeeping Accounts

Quiz