The document provides a quiz on accounting concepts with multiple choice questions in various categories like accounting concepts, critical thinking, key terms, and solving equations. It tests understanding of basic accounting principles like the accounting equation, distinguishing between assets, liabilities and owner's equity, and how transactions affect financial statements. The quiz is designed to help students learn and be assessed on foundational accounting knowledge.

2. What is the Think Critically Everyone Loves It’s Time Solving
Concept of Vocabulary for…MORE Equations
Accounting? vocabulary!
2 points 2 points 2 points 2 points 2 points
3 points 3 points 3 points 3 points 3 points
4 points 4 points 4 points 4 points 4 points
5 points 5 points 5 points 5 points 5 points
6 points 6 points 6 points 6 points 6 points
7 points 7 points 7 points 7 points 7 points
8 points 8 points 8 points 8 points 8 points
9 points 9 points 9 points 9 points 9 points
Team 1 : Team 2 :

3. Accounting Concepts: 2 Points
The Question Is :
What is the accounting concept Business
Entity?
Stop!
The Answer Is :
Time’s Up! information
Applied when a business’s financial
is recorded and reported separately from the
owner’s personal financial information

4. Accounting Concepts: 3 Points
The Question Is :
The accounting concept Unit of Measurement
uses a common what?
Stop!
The Answer Is :
Time’s Up!
Unit of measurement

5. Accounting Concepts: 4 Points
The Question Is :
What is the full definition for the accounting
concept Unit of Measurement?
The Answer Is :
Stop!
Time’s Up! are stated
Applied when business transactions
in numbers that have common values – that is,
using a common unit of measurement

6. Accounting Concepts: 5 Points
The Question Is :
Why is the accounting concept Unit of
Measurement followed?
Stop!
The Answer IsTime’s Up!
:
So that the financial reports of businesses can
be clearly stated and understood in numbers
that have comparable values

7. Accounting Concepts: 6 Points
The Question Is :
An owner of a proprietorship must have two
_________ accounts, one for personal expenses
and another for the ___________.
Stop!
Time’s Up!
The Answer Is :
Checking, business

8. Accounting Concepts: 7 Points
The Question Is :
If I am the sole owner of my business, can I pay
my personal car’s car note using the checking
Stop!
account of the business?
Time’s Up!
The Answer Is :
No

9. Accounting Concepts: 8 Points
The Question Is :
I have to take money out of my business’s
account to pay the rent on my personal
apartment. Am I going to deduct the money (in
Stop!
the business’s accounting record) as “rent” or
from the “cash (withdrawal)?”
Time’s Up!
The Answer Is :
Cash (withdrawal)

10. Accounting Concepts: 9 Points
The Question Is :
What unit of measurement are business
transactions recorded in, in the United States?
Stop!
Time’s Up!
The Answer Is :
dollars

11. Critical Thinking: 2 Points
The Question Is :
If the left side of the accounting equation is
increased by $500, what will happen to the
Stop!
right side of the equation?
Time’s Up!
The Answer Is :
It will increase by $500

12. Critical Thinking: 3 Points
The Question Is :
Why is it important to keep good accounting
records?
The Answer Is :
Stop!
People such asTime’s Up! extending
suppliers who are
credit and businesses extending loans will
want to look at them. Poor accounting records
lead to poor business decisions.

13. Critical Thinking: 4 Points
The Question Is :
How is owner’s equity affected when cash is
received from sales?
Stop!
The Answer Is :
Time’s Up!
The amount of cash received will be added to
the owner’s equity

14. Critical Thinking: 5 Points
The Question Is :
What are some of the advantages to owning
a proprietorship?
Stop!
The Answer Is :
Time’s Up!
1. Ease of formation
2. Total control by the owner
3. Profits that are not shared

15. Critical Thinking: 6 Points
The Question Is :
How is the owner’s equity affected when services
are sold on account?
Stop!
Time’s Up!
The Answer Is :
The amount of services sold will be added to
the owner’s equity as revenue

16. Critical Thinking: 7 Points
The Question Is :
How is the owner’s equity affected when
cash is paid for expenses?
Stop!
Time’s Up!
The Answer Is :
The amount of cash paid for expenses is
deducted from the owner’s equity

17. Critical Thinking: 8 Points
The Question Is :
I just received $700 from someone that I
provided services for last month. Where will
Stop!
I put this money in the equation?
Time’s Up!
The Answer Is :
In the cash column, and in the owner’s Equity
column (as revenue)

18. Supply & Demand: 9 Points
The Question Is :
Explain the differences between assets, liabilities,
and owner’s equity.
The Answer Is :
Stop! is owned, because
An asset is anything of value that
Time’s Up!
they can be used to acquire other assets or to
operate business. Liability is the amount that a
business owes to other people or businesses. The
owner’s equity is what remains after the amount of
all liabilities has been subtracted
from the assets.

19. Key Terms: 2 Points
The Question Is :
What is the definition of the word “accounting?”
Stop!
The Answer IsTime’s Up!
:
Planning, recording, analyzing, and interpreting
financial information

20. Key Terms: 3 Points
The Question Is :
What are “financial reports that summarize the
financial condition and operations of a business?”
The Answer Is :
Stop!
Time’s Up!
Financial statements

21. Key Terms: 4 Points
The Question Is :
What are “financial rights to the assets of a
business?”
Stop!
Time’s Up!
The Answer Is :
Equities

22. Key Terms: 5 Points
The Question Is :
What is “capital?”
Stop!
The Answer Is :
Time’s Up! owner’s
The account used to summarize the
equity in a business

23. Key Terms: 6 Points
The Question Is :
What is “revenue?”
Stop!
The Answer Is :
Time’s Up!
An increase in owner’s equity resulting from the
operation of a business

24. Key Terms: 7 Points
The Question Is :
What is a “sale on account?”
Stop!
The Answer Is :
Time’s Up!
A sale for which cash will be received at a later
date

25. Key Terms: 8 Points
The Question Is :
What is the accounting concept Unit of
Measurement?
Stop!
The Answer Is :
Time’s Up! are stated in
Applied when business transactions
numbers that have common values – that is,
using a common unit of measurement

26. Key Terms: 9 Points
The Question Is :
What is the definition of “accounting equation?”
What is the equation itself?
Stop!
The Answer Is :
Time’s Up! among
An equation showing the relationship
assets, liabilities, and owner’s equity.
Assets = Liabilities + Owner’s Equity

27. Key Terms : 2 Points
The Question Is :
A planned process for providing financial information
that will be useful to management is called an
Stop!
__________ ____________.
Time’s Up!
The Answer Is :
Accounting system

28. Key Terms : 3 Points
The Question Is :
What is a proprietorship?
Stop!
Time’s Up!
The Answer Is :
A business owned by one person, also known as a
sole proprietorship

29. Key Terms : 4 Points
The Question Is :
Equities are financial _________ to the assets of a
business.
Stop!
The Answer IsTime’s Up!
:
rights

30. Key Terms : 5 Points
The Question Is :
What are ethics? What are business ethics?
Stop!
The Answer Is :
Time’sright and wrong that
Ethics are the principles of Up!
guide an individual in making decisions. Business
ethics are the use of ethics in making business
decisions.

31. Key Terms : 6 Points
The Question Is :
What is a transaction?
Stop!
The Answer Is :
Time’s Up!
A business activity that changes assets, liabilities,
or owner’s equity

32. Key Terms : 7 Points
The Question Is :
What does “sale on account” mean?
Stop!
Time’s Up!
The Answer Is :
A sale for which cash will be received at a later
date

33. Key Terms : 8 Points
The Question Is :
What is a withdrawal?
Stop!
Time’s Up!
The Answer Is :
Assets taken out of a business for the owner’s
personal use

34. Key Terms : 9 Points
The Question Is :
What is an account? What is an account title?
Stop!
Time’s Up!
The Answer Is :
An account is a record summarizing all the
information pertaining to a single item in the
accounting equation. The name given to an
account is called an account title.

35. Solving Equations: 2 Points
Trans. No. Assets Liabilities Owner’s
Equity
1.
The Question Is :
Stop!
Place a + or minus in the correct column (+ for increase,
Time’s Up!
- for decrease): Received cash from owner as an
investment.
The Answer Is :
+ in assets and in owner’s equity

36. Solving Equations: 3 Points
Trans. No. Assets Liabilities Owner’s
Equity
1.
The Question Is :
Stop!
Place a + or minus in the correct column (+ for
increase, - for decrease): Paid cash for
insurance. Time’s Up!
The Answer Is :
- In assets and in owner’s equity

37. Solving Equations: 4 Points
Trans. No. Assets Liabilities Owner’s
Equity
1.
The Question Is :
Stop!
Place a + or minus in the correct column (+ for
increase, - for decrease): Paid cash on account
Time’s Up!
The Answer Is :
+ in liabilities

38. Solving Equations: 5 Points
Trans. No. Assets Liabilities Owner’s
Equity
1. 95,000 51,000 ?
The Question Is :
Stop!
Fill in the empty column.
Time’s Up!
The Answer Is :
44,000

39. Solving Equations: 6 Points
Trans. Assets = Liabilities + Owner’s Equity
# Cash + Supplies + Prepaid Accts. Pay Accts.
Insurance + – F Pay - R
Beg. 3,000
Bal.
New 3,000
Bal.
The Question Is : Stop!
Fill in the columnsTime’sPaid cash for insurance -
necessary: Up!
$1,600
The Answer Is :
+ 1,600 in “Prepaid Insurance” &
- 1,600 in “Cash”

40. Solving Equations: 7 Points
Trans. Assets = Liabilities + Owner’s Equity
# Cash + Supplies + Prepaid Accts. Pay Accts.
Insurance + – F Pay - R
Beg. 3,000
Bal.
New 3,000
Bal.
The Question Is : Stop!
Fill in the columnsTime’sBought supplies on
necessary: Up!
account from company “F” - $900
The Answer Is :
+ 900 in “Supplies”
+ 900 in “Accts. Pay – F”

41. Solving Equations: 8 Points
Trans. Assets = Liabilities + Owner’s Equity
# Cash + Supplies + Prepaid Accts. Pay Accts.
Insurance + – F Pay - R
Beg. 625 375 300 200 1,100
Bal. -300 -300
New 325 375 300 200 800
Bal.
The Question Is : Stop!
Fill in the columns Time’s Up! to owner for
necessary: Paid cash
personal use - $300
The Answer Is :
- 300 in “Cash”
- 300 in “Owner’s Equity”

42. Solving Equations: 6 Points
Trans. Assets = Liabilities + Owner’s Equity
# Cash + Supplies + Prepaid Accts. Pay Accts.
Insurance + – F Pay - R
Beg. 625 375 300 200 1,100
Bal. -300 -300
New 325 375 300 200 800
Bal.
The Question Is : Stop!
What columns will be affected, Up! will the new
Time’s and what
balance be: Received cash from sales - $800
The Answer Is :
Add 800 to “cash”; 1125
Add 800 to “Owner’s Equity”; 1600