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Small Business Accounting Review
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Essential Small Business Accounting Tasks
Bookkeeping: Regularly documenting receipts, invoices, and bank transactions.
Reconciliation: Checking bank statements against accounting records to ensure accuracy.
Tax Compliance: Tracking expenses to calculate and settle tax liabilities, such as VAT or income tax.
 

Small Business Accounting Review
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25 Questions

1. A firm paid $9,000 for supplies during the accounting period. At the end of the accounting period, the firm had $5,800 of supplies on hand. What adjustment is entered on the worksheet?

2. Which of the following is recorded on an individual earnings record?

3. The Income Summary account is a temporary

4. Which of the following is not an example of good internal control over cash receipts?

5. Which of the following are features of online banking?
A business can receive electronic funds transfers from customers.
A business can deposit checks using a dedicated scanner.
A business can receive alerts from the bank via text for unusual account activity.
All of these are features of online banking.

6. The fourth step in the accounting cycle is to

7. What are the last three steps (7th, 8th, and 9th) in the accounting cycle?

8. The second step in the accounting cycle is to:

9. Accumulated Depreciation—Equipment is a(n):

10. A limited liability company may choose to be taxed as a partnership or corporation.

11. All the following information is contained on the statement of owner's equity except?
owner's equity at the beginning and end of the period.
liabilities at the beginning and end of the period.
withdrawals and additional investments for the period.
net income or net loss for the period.

12. What information is contained on the balance sheet?

13. On January 1, a firm paid $42,000 for six months' rent, January through June. What is the adjustment for rent expense at the end of January?

14. Financial statements are:

15. What accounts appear on the postclosing trial balance?

16. Which items are considered cash?

17. What information is contained in the income statement?

18. Which financial statement would indicate total revenues, total expenses, and whether the business had a net income or net loss?

19. Prepaid Expenses are adjusted at the end of the accounting period in order to:

20. How are social security benefits financed?

21. Find the balance of the Cash account:
Cash
+ −
72,000 24,000
44,000 10,000
10,400
4,700

22. Equipment is increased by $40,400; Accounts payable is increased by $40,400.

23. On the bank reconciliation statement, you would not find a list of:

24. Home Interiors has assets of $120,000 and liabilities of $45,000. What is the owner's equity?

25. The normal balance side for asset, liability, and owner's equity accounts is:

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