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Twelfth Grade (Grade 12) Business Worksheets - Create Printable Tests and Worksheets

Create printable tests and worksheets from Grade 12 Business questions. Select questions to add to a test using the checkbox above each question. Remember to click the add selected questions to a test button before moving to another page.

Accounting : Grade 12

• Resources owned by a business are referred to as
  1. owners' equity.
  2. liabilities.
  3. assets.
  4. revenues.

Accounting : Grade 12

• A credit to the accounts receivable account
  1. indicates a sale to customers on account has occurred.
  2. indicates a payment from customers on their account has been received.
  3. is an error.
  4. indicates that a liability has been incurred.

Accounting : Grade 12

• If total liabilities decreased by $15,000 and stockholders' equity increased by $5,000 during a period of time, then total assets must change by what amount and direction during that same period?
  1. $20,000 increase
  2. $10,000 decrease
  3. $10,000 increase
  4. $15,000 decrease

Accounting : Grade 12

• What's revenue?
  1. costs of selling products or services
  2. expense to run business
  3. sales of products or services
  4. distributions to stockholders
  5. Assets purchased to run business

Accounting : Grade 12

• What are liabilities?
  1. costs of selling products or services
  2. distributions to stockholders
  3. owners' claims to resources
  4. expense to run business
  5. amounts owed

Accounting : Grade 12

• What are expenses?
  1. Cost of selling products or services
  2. Amounts owed
  3. Distributions to stockholders
  4. Owners' claims to resources

Accounting : Grade 12

• What is owners' equity?
  1. sales of products or services
  2. owners' claims to resources
  3. resources owned
  4. costs of selling products or services
  5. amounts owed

Accounting : Grade 12

• XYZ, Inc. paid its supplier $1,000 to satisfy an accounts payable balance. How should XYZ record this transaction?
  1. Debit accounts payable and credit cash for $1,000.
  2. Debit supplies expense and credit cash for $1,000.
  3. Credit accounts payable and debit cash for $1,000.
  4. Only credit a cash for $1,000.

Accounting : Grade 12

• XYZ, Inc. borrowed $1,000 from the bank and debited its cash account for $1,000. What should be done to complete the recording of the transaction?
  1. Nothing further must be done.
  2. Debit a owners' equity account for $1,000.
  3. Credit another asset account for $1,000.
  4. Credit a liability account for $1,000.

Accounting : Grade 12

• A debit is the normal balance for which account listed below?
  1. Capital account
  2. Service Revenue account
  3. Accounts Payable account
  4. Accounts Receivable account

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