Fill in the Blank Archives - My Accounting Course https://www.myaccountingcourse.com Learn Accounting Online for Free Sun, 26 Mar 2023 04:37:07 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.10 Fundamental Accounting Basics Fill in the Blank Questions https://www.myaccountingcourse.com/accounting-basics/fill-in-the-blank Fri, 27 Oct 2017 19:34:17 +0000 https://www.myaccountingcourse.com/?page_id=5724     Instructions Hover over the missing word with your mouse to show the correct fill in the blank answer. 1. A ——— is used to record a business event as they occur throughout the year. ________________________ journal entry 2. Contra equity accounts have balances on the – of the T account. ________________________ left side ... Read more

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Instructions

Hover over the missing word with your mouse to show the correct fill in the blank answer.


1. A ——— is used to record a business event as they occur throughout the year.

________________________
journal entry

2. Contra equity accounts have balances on the – of the T account.

________________________
left side

3. The ——— summarizes the accounting equation in report format.

________________________
balance sheet

4. Accounts are typically displayed in ——— format before the trial balances is drafted.

________________________
t account

5. Stockholder ownership is recorded in the ——— account.

________________________
common stock

6. Partners can take ——— out of a partnership in the form of cash payments.

________________________
distributions

7. Accumulated amortization is an example of a ——— that is reported on the balance sheet.

________________________
contra account

8. Interest is an example of ——— income reported on the income statement.

________________________
non-operating

9. Rent and sales are forms of ——— income reported on the income statement

________________________
operating

10. Accounts payable is a ——— liability reported on the balance sheet.

________________________
current



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]]> Accounting Cycle Fill in the Blank Questions https://www.myaccountingcourse.com/accounting-cycle/fill-in-the-blank Fri, 27 Oct 2017 19:14:57 +0000 https://www.myaccountingcourse.com/?page_id=5718     Instructions Hover over the missing word with your mouse to show the correct fill in the blank answer. 1. All income statement ——— are closed to the income summary account at year end. ________________________ temporary accounts 2. The balance sheet consists of ——— that are not closed at year end. ________________________

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Instructions

Hover over the missing word with your mouse to show the correct fill in the blank answer.


1. All income statement ——— are closed to the income summary account at year end.

________________________
temporary accounts

2. The balance sheet consists of ——— that are not closed at year end.

________________________

3. The ——— is used as a holding account for income statement accounts before being closed to retained earnings.

________________________
income summary account

4. Many companies use ——— to cancel out adjusting entries made in prior periods.

________________________
reversing entries

5. Adjusting journal entries are not used to record ——— expenses or unearned revenues.

________________________
prepaid

6. After the financial statements are prepared, the ——— can be prepared to summarize the year end closing process.

________________________
accounting worksheet

7. Once adjusting entries are made, the ——— is created before financial statements are prepared.

________________________
adjusted trial balance

8. After closing entries have been made, the ——— trial balance can be prepared.

________________________
post closing

9. The ——— is generally the third financial statement prepared in the accounting cycle.

________________________
balance sheet

10. The ——— is prepared by calculating changes in both income statement and balance sheet account balances.

________________________
cash flow statement

of the accounting cycle with these quizzes.



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]]> Accounting Principles Fill in the Blank Questions https://www.myaccountingcourse.com/accounting-principles/fill-in-the-blank Fri, 27 Oct 2017 19:06:08 +0000 https://www.myaccountingcourse.com/?page_id=5716     Instructions Hover over the missing word with your mouse to show the correct fill in the blank answer. 1. According to the ——– owners and companies must be accounted for separately. ________________________ business entity concept 2. The ——— concept states that businesses should be treated as if they will continue to stay in ... Read more

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Instructions

Hover over the missing word with your mouse to show the correct fill in the blank answer.


1. According to the ——– owners and companies must be accounted for separately.

________________________
business entity concept

2. The ——— concept states that businesses should be treated as if they will continue to stay in business.

________________________
going concern

3. The ——— assumption maintains that goods and services must be measured in currency without regard to inflation.

________________________
monetary unit

4. The time period assumption or the ——– assumption assumes business activities can be divided into time periods.

________________________
periodicity

5. Fixed assets are reported at their ——– on the balance sheet.

________________________
historical cost

6. The ——– principle states that income is recorded when earned.

________________________
revenue recognition

7. The ——- principle states that expenses must be recorded with corresponding revenues in the same period.

________________________
matching

8. The ——– states that any information necessary for decision making should be included in the financial statement footnotes.

________________________
full disclosure

9. According to the ——– principle, some financial information is not worth retrieving.

________________________
cost benefit

10. The ——– separates accounting information into two groups: de minimis and significant.

________________________
materiality concept



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]]> Financial Ratios https://www.myaccountingcourse.com/financial-ratios/fill-in-the-blank Fri, 27 Oct 2017 18:51:09 +0000 https://www.myaccountingcourse.com/?page_id=5713     Instructions Hover over the missing word with your mouse to show the correct fill in the blank answer. 1. The ——- ratio measures how fast a company can sell its inventory. ________________________ inventory turnover 2. Companies often use the ——- ratio to calculate how quickly receivables are collected ________________________ receivables turnover 3. The ... Read more

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Instructions

Hover over the missing word with your mouse to show the correct fill in the blank answer.


1. The ——- ratio measures how fast a company can sell its inventory.

________________________
inventory turnover

2. Companies often use the ——- ratio to calculate how quickly receivables are collected

________________________
receivables turnover

3. The ——- ratio measures a firm’s ability to pay off its current liabilities with current assets.

________________________
working capital

4. The Acid Test or ——- measures the ability of a company to pay its current liabilities when they come due with only quick assets.

________________________
quick ratio

5. The ——- calculates the market value of a stock relative to its earnings by comparing the market price per share by the earnings per share.

________________________
Price Earnings Ratio

6. Investors often use ——- calculate the amount of net income earned per share of stock outstanding.

________________________
Earnings per Share

7. The ——- uses profit margin, asset turnover, and financial leverage formulas.

________________________
DuPont Analysis

8. The ——- calculates the percentage of company financing that comes from creditors and investors.

________________________
debt to equity ratio

9. The ——- measures the amount of a firm’s assets that are financed by its shareholders.

________________________
equity multiplier

10. The ——- ratio measures how fast a company pays off its creditors and vendors.

________________________
payables turnover



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]]> Financial Statements Fill In The blank Questions https://www.myaccountingcourse.com/financial-statements/fill-in-the-blank Fri, 27 Oct 2017 06:44:08 +0000 https://www.myaccountingcourse.com/?page_id=5685     Instructions Hover over the missing word with your mouse to show the correct fill in the blank answer. 1. The —————— reports activity over a period of time. ________________________ income statement 2. The ———– reports activity on a specific point in time. ________________________ balance sheet 3. Operating activities are reported on the ————– ... Read more

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Instructions

Hover over the missing word with your mouse to show the correct fill in the blank answer.


1. The —————— reports activity over a period of time.

________________________
income statement

2. The ———– reports activity on a specific point in time.

________________________
balance sheet

3. Operating activities are reported on the ————– before financing activities.

________________________
cash flow statement

4. The ———- shows the changes in equity during a period.

________________________
statement of equity

5. Accounts payable is reported as a ———– on the balance sheet.

________________________
current liability

6. All financial statements have ———— that display the company name, name of the report, and date of activity.

________________________
headings

7. The statement of retained earnings displays ———— before additions and subtractions from retained earnings.

________________________
Prior Period Adjustments

8. The ———- is the first financial statement prepared during the accounting cycle.

________________________
income statement

9. The can be prepared in both ———– and report formats.

________________________
account

10. The ———– summarizes investing activities during a period.

________________________
statement of cash flows

of financial statements with these quizzes.



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]]> Accounting Fill-in-the-Blank Questions https://www.myaccountingcourse.com/accounting-quizzes/fill-in-the-blank Tue, 17 Oct 2017 03:06:03 +0000 https://myaccountingcourse.com/?page_id=5303 Accounting Fill in the Blank Questions   Financial Accounting Basics Accounting Principles Accounting Cycle Financial Statements Financial Ratios Instructions Here are a list of the accounting topics that I have made fill in the blank questions for. Good luck with your studying!     with these other accounting quizzes. Crossword Puzzles Multiple Choice Matching Fill in ... Read more

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]]> Accounting Fill in the Blank Questions

 

Instructions

Here are a list of the accounting topics that I have made fill in the blank questions for. Good luck with your studying!

 

 


with these other accounting quizzes.

 

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