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Understanding Transactions in Accounting

Test your knowledge on transactions, assets, liabilities, and owner's equity in accounting with this comprehensive quiz led by Ms. Appel.

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Understanding Transactions in Accounting

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  1. Hosted by Ms. Appel

  2. True/False 1 True/False 2 Affected Accounts Type of Account 100 100 100 100 200 200 200 200 Final 300 300 300 300 400 400 400 400 500 500 500 500

  3. Row 1, Col 1 What is True? A transaction is a normal business activity that changes assets, liabilities, or owner’s equity.

  4. Row 1, Col 2 What is True? A transaction for the sale of goods or services results in an increase in owner’s equity

  5. Row 1, Col 3 What are Cash and Owner’s Equity? Received Cash from Sales

  6. Row 1, Col 4 What is Asset? Accounts Receivable

  7. Row 2, Col 1 What is True? When a company makes a sale of $300.00, assets and owner’s equity increase by $300.00

  8. Row 2, Col 2 What is False? A decrease in owner’s equity because of a withdrawal is a result of the normal operations of a business.

  9. Row 2, Col 3 What are Cash and Accounts Payable? Paid cash on account Daily Double

  10. Row 2, Col 4 What is Liability? Accounts Payable

  11. Row 3, Col 1 What is False? A withdrawal is an expense

  12. Row 3, Col 2 What is True? Payments for advertising, equipment repairs, utilities, and rent are expense transactions.

  13. Row 3, Col 3 What are Cash and Owner’s Equity? Paid cash for telephone bill

  14. Row 3, Col 4 What is Owner’s Equity? Capital

  15. Row 4, Col 1 What is False? Revenue is a decrease in owner’s equity resulting from the operation of a business.

  16. Row 4, Col 2 What is True? Daily Double The most common type of withdrawal by an owner from a business is the withdrawal of cash

  17. Row 4, Col 3 What are Cash and Supplies? Paid Cash for Supplies

  18. Row 4, Col 4 What is Revenue? Sales

  19. Row 5, Col 1 What is False? Two transactions that decrease owner’s equity are withdrawals and liabilities

  20. Row 5, Col 2 What is True? An established business should rarely experience a decrease in owner’s equity

  21. Row 5, Col 3 What are Cash and Accounts Receivable? Received payment on account

  22. Row 5, Col 4 What is Expense? Rent Payment

  23. Final Jeopardy Category: Changes in Owner’s Equity Recording an expense transaction in an accounting equation causes this to happen to liabilities

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