• 1) Basic Concepts
  • 2) Basic Transactions
  • 3) Double Entries
  • 4) Accounting Cycle
  • 5) Financial Statements
  • 6) Inventory
  • Basic Accounting Questions
  • Full Questions and Answers
  • Teacher Resources
  • Student Resources
  • Shop Accounting!
  • The Basics Blog
  • About the Author

Full Accounting Questions and Answers

Here is a list of full accounting questions and answers that can be found on this site, along with a brief description of each one. Please note that these are generally intermediate to advanced exercises.

I would definitely recommend to time yourself when you practice each of these exercises. This will help ensure you're not taking too long to complete each question and will help you get used to doing exercises under exam settings.

For your convenience, difficulty levels and time limits are stated for each of these exercises at the top of each page.

1) The Basic Accounting Multiple Choice Test  

basic accounting test

  • A beginner-level quiz taken directly from the Accounting Basics books. 9 multiple choice questions which test the 1st theory chapter here on  Basic Accounting Concepts . 
  • Covers the accounting equation, assets, liabilities, equity, financial position.

2) Accounting Equation Exercises

basic accounting equation exercises

  • For practice on the basic accounting equation and its 3 elements - assets, liabilities and owner's equity.
  • Basic understanding of income and profit is preferable.

3) Basic Accounting Journal Entries Exercise

  • Simple journal entries - starting a business (capital investment), asset purchases, paying creditors, cash income and expenses, drawings.
  • Service business - no inventory but supplies on hand and used.

4) Journal Entries and Ledger Question and Answer

accounting worksheet answers

  • Basic journal entries: capital investment, sales, debtors, simple cash expenses, drawings;
  • Inventory business - simple purchases and sales journal entries;
  • Practice with drawing up T-Accounts.

Accounting Basics: Workbook on Amazon

5) Creditors, Purchases, Cost of Goods Sold Question and Answer

  • No journal entries here;
  • First part tests your understanding of the Creditor's Control Account;
  • Second part of the question gives you practice on the Cost of Goods Sold formula.

6) Basic Journal Entries Question

  • General, basic journal entries: starting a business, debtors, creditors, regular expenses, drawings;
  • Inventory business - purchases and sales;  
  • Some complex topics: discount received and allowed, carriage on goods.

7) Journal Entry Question and Answer

Plant and equipment

  • Basic journals - expenses owing, cash and credit sales, paying creditors;
  • Some complex issues: depreciation, prepayments, inventory loss (fire), discount received.

8)  Debtors and Creditors Control Accounts Exercise

accounting worksheet answers

  • Full debtors and creditors control accounts
  • Some complex issues - bad debts, settlement or cash discounts received and allowed, returns inward and outward, account corrections, calculating closing balances.

9) Debtors and Creditors Ledger Question

  • Full debtors and creditors control accounts (similar to exercise above)
  • Bad debts, settlement or cash discounts received and allowed, returns inward and outward as well as account corrections and closing balances.

10) A Simple Trial Balance Exercise

accounting worksheet answers

  • Beginner level - capital investment by owner, basic income and expenses, purchase of assets, drawings, basic liabilities;
  • Service business - no inventory, sales or cost of goods sold in this exercise.

11) T-Accounts, Journal Entry and Trial Balance Question

accounting worksheet answers

  • This is a really good question to practice.
  • Capital investment by owner; basic income and expenses, purchases of assets, drawings, basic liabilities;
  • Service business - no inventory, sales or cost of goods sold in this question.

12) Company Trial Balance and Financial Statements Question

shareholders company common stock shares

  • Trial balance, income statement, statement of changes in equity and balance sheet,
  • Inventory business - FIFO basis,
  • Some complex issues - prepayments (prepaid expenses and prepaid income), 
  • Corporation-specific issues - stock, retained earnings (accumulated profits), dividends paid to shareholders.

13) Cash Flow Statement Exercise

Cash Flow Statement full Exercise question solution thumbnail

  • Typical cash flow statement question where they supply the balance sheet, income statement and details about changes in owner's equity.
  • Company-specific items such as share capital, reserves and debentures.
  • Some complex issues in the form of preliminary and prepaid expenses.

Accounting Questions and Answers on Advanced Topics

Here are a bunch of questions on specialized topics submitted by fellow accounting students from around the world, with detailed explanations:

  • What is the Journal Entry for  Rent Received in Advance?
  • What is the Journal Entry for an Insurance Claim?
  • What is the Journal for the  Partial Payment and Trade-In of a Vehicle, incl. Depreciation?
  • What is the Journal Entry for Bad Debts?
  • What is the Journal Entry for  Recovery of Bad Debts?
  • What is the Journal Entry for Giving Away a  Free Sample?
  • What is the Cost of Goods Sold Formula?
  • Cost Price, Sales Price, Mark-up
  • Carriage Inwards: Meaning, Treatment and Example
  • How to Calculate VAT
  • Settlement Discount Granted and VAT
  • Accounting for Donations
  • Why is the Provision for Doubtful Debts a Liability?
  • Bad Debts, Provision for Bad Debts, Debtors Control

For More Practice - Get the Workbook!

accounting workbook

If you want more practice with full accounting questions and answers you should get the official exercise book for this site, Volume 2 in the Accounting Basics series: the Workbook .

Accounting Basics: Workbook   has 88 questions and exercises , starting from the accounting equation and basic concepts to journal entries, T-accounts, the trial balance, financial statements, the cash flow statement, inventory, depreciation, provisions, doubtful debts, year-end entries, bank reconciliations and more.

Please note:  The detailed, fully explained exercises in the Workbook are not available on this site - only in the book!

The Workbook is available in softcover for $14.95 or as a Kindle e-book for just $9.95.

Click here to get it on Amazon now

Some testimonials from individuals who bought the Workbook :

"Really helps!"

"Very helpful."

"Learned very much from it, it was awesome."

"The workbook is a great review for me of the classes I took in College."

"The book is very interesting and easy to follow. I have to take a course in accounting for an online degree program that I am involved with and this book is a life saver. It explains clearly the information you need and has quizzes that are a tremendous help in grasping the material."

Rated  4.8 out of 5  by Amazon customers.

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Accounting Worksheet Problems and Solutions

We have covered Worksheet topic in great detail. Now, it is the right time to do practice and get good marks in the exam. Remember! Practice is the key to success in Accounting paper exams.

Jadon & Co. is a manufacturer of various types of dyes for industrial use. Following is the unadjusted trial balance as on 30 June, 2018:

Additional information for adjustments:

  • Provide allowance for depreciation on IT Equipment $ 8,000.
  • Provide allowance for bad debts @ 10 {1bb28fb76c3d282be6cfd0391ccf1d9529baae691cd895e2d45215811b51644c} of ending balance of debtors.
  • Insurance expired $ 10,000.
  • Prepaid advertising $ 4,800.
  • Outstanding payroll $ 8,000.
  • Closing inventory on 30 June, 2018 $ 60,000.

You are required to produce ten column worksheet.

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  • Accounting Worksheet

Home › Accounting › Accounting Cycle › Accounting Worksheet

  • What is an Accounting Worksheet?

An accounting worksheet is a tool used to help bookkeepers and accountants complete the  accounting cycle  and prepare year-end reports like unadjusted trial balances,  adjusting journal entries ,  adjusted trial balances , and  financial statements .

The accounting worksheet is essentially a spreadsheet that tracks each step of the accounting cycle. The spreadsheet typically has five sets of columns that start with the  unadjusted trial balance  accounts and end with the financial statements. In other words, an accounting worksheet is basically a spreadsheet that shows all of the major steps in the accounting cycle side by side.

Each step lists its debits and credits with totals calculated at the bottom. Just like the trial balances, the work sheet also has a heading that consists of the company name, title of the report, and time period the report documents.

Here is what Paul’s Guitar Shop’s year-end would look like in accounting worksheet format for the  accounting cycle  examples in this section.

Accounting Worksheet

As you can see, the worksheet lists all the trial balances and adjustments side by side. During the accounting cycle process, an accounting worksheet can be helpful to keep track of the different steps and reduce errors.

It can also be used for a analytical and summary tool to show how accounts were originally posted to the ledger and what adjustments were made before they were presented on the financial statements.

I suggest using the accounting worksheet for all your year-end accounting problems. It saves time and maintains accuracy in the process. Here is a downloadable excel version of this accounting worksheet template, so you can use it with your accounting homework.

Previous Accounting Article

Accounting & CPA Exam Expert

Shaun Conrad is a Certified Public Accountant and CPA exam expert with a passion for teaching. After almost a decade of experience in public accounting, he created MyAccountingCourse.com to help people learn accounting & finance, pass the CPA exam, and start their career.

  • Financial Accounting Basics
  • Accounting Principles
  • Accounting Cycle
  • Journal Entries
  • Unadjusted Trial Balance
  • Adjusting Entries
  • Adjusted Trial Balance
  • Financial Statement Prep
  • Closing Entries
  • Income Summary Account
  • Post Closing Trial Balance
  • Reversing Entries
  • Financial Statements
  • Financial Ratios

Module 4: Completing the Accounting Cycle

Practice: preparing financial statements, learning outcomes.

  • Prepare an income statement
  • Prepare a statement of owner’s equity
  • Prepare a balance sheet
  • Identify the three main components of the statement of cash flows
  • Practice: Preparing Financial Statements. Authored by : Mike Zerrahn. Provided by : Lumen Learning. License : CC BY: Attribution

Footer Logo Lumen Waymaker

  • 5.4 Appendix: Complete a Comprehensive Accounting Cycle for a Business
  • Why It Matters
  • 1.1 Explain the Importance of Accounting and Distinguish between Financial and Managerial Accounting
  • 1.2 Identify Users of Accounting Information and How They Apply Information
  • 1.3 Describe Typical Accounting Activities and the Role Accountants Play in Identifying, Recording, and Reporting Financial Activities
  • 1.4 Explain Why Accounting Is Important to Business Stakeholders
  • 1.5 Describe the Varied Career Paths Open to Individuals with an Accounting Education
  • Multiple Choice
  • 2.1 Describe the Income Statement, Statement of Owner’s Equity, Balance Sheet, and Statement of Cash Flows, and How They Interrelate
  • 2.2 Define, Explain, and Provide Examples of Current and Noncurrent Assets, Current and Noncurrent Liabilities, Equity, Revenues, and Expenses
  • 2.3 Prepare an Income Statement, Statement of Owner’s Equity, and Balance Sheet
  • Exercise Set A
  • Exercise Set B
  • Problem Set A
  • Problem Set B
  • Thought Provokers
  • 3.1 Describe Principles, Assumptions, and Concepts of Accounting and Their Relationship to Financial Statements
  • 3.2 Define and Describe the Expanded Accounting Equation and Its Relationship to Analyzing Transactions
  • 3.3 Define and Describe the Initial Steps in the Accounting Cycle
  • 3.4 Analyze Business Transactions Using the Accounting Equation and Show the Impact of Business Transactions on Financial Statements
  • 3.5 Use Journal Entries to Record Transactions and Post to T-Accounts
  • 3.6 Prepare a Trial Balance
  • 4.1 Explain the Concepts and Guidelines Affecting Adjusting Entries
  • 4.2 Discuss the Adjustment Process and Illustrate Common Types of Adjusting Entries
  • 4.3 Record and Post the Common Types of Adjusting Entries
  • 4.4 Use the Ledger Balances to Prepare an Adjusted Trial Balance
  • 4.5 Prepare Financial Statements Using the Adjusted Trial Balance
  • 5.1 Describe and Prepare Closing Entries for a Business
  • 5.2 Prepare a Post-Closing Trial Balance
  • 5.3 Apply the Results from the Adjusted Trial Balance to Compute Current Ratio and Working Capital Balance, and Explain How These Measures Represent Liquidity
  • 6.1 Compare and Contrast Merchandising versus Service Activities and Transactions
  • 6.2 Compare and Contrast Perpetual versus Periodic Inventory Systems
  • 6.3 Analyze and Record Transactions for Merchandise Purchases Using the Perpetual Inventory System
  • 6.4 Analyze and Record Transactions for the Sale of Merchandise Using the Perpetual Inventory System
  • 6.5 Discuss and Record Transactions Applying the Two Commonly Used Freight-In Methods
  • 6.6 Describe and Prepare Multi-Step and Simple Income Statements for Merchandising Companies
  • 6.7 Appendix: Analyze and Record Transactions for Merchandise Purchases and Sales Using the Periodic Inventory System
  • 7.1 Define and Describe the Components of an Accounting Information System
  • 7.2 Describe and Explain the Purpose of Special Journals and Their Importance to Stakeholders
  • 7.3 Analyze and Journalize Transactions Using Special Journals
  • 7.4 Prepare a Subsidiary Ledger
  • 7.5 Describe Career Paths Open to Individuals with a Joint Education in Accounting and Information Systems
  • 8.1 Analyze Fraud in the Accounting Workplace
  • 8.2 Define and Explain Internal Controls and Their Purpose within an Organization
  • 8.3 Describe Internal Controls within an Organization
  • 8.4 Define the Purpose and Use of a Petty Cash Fund, and Prepare Petty Cash Journal Entries
  • 8.5 Discuss Management Responsibilities for Maintaining Internal Controls within an Organization
  • 8.6 Define the Purpose of a Bank Reconciliation, and Prepare a Bank Reconciliation and Its Associated Journal Entries
  • 8.7 Describe Fraud in Financial Statements and Sarbanes-Oxley Act Requirements
  • 9.1 Explain the Revenue Recognition Principle and How It Relates to Current and Future Sales and Purchase Transactions
  • 9.2 Account for Uncollectible Accounts Using the Balance Sheet and Income Statement Approaches
  • 9.3 Determine the Efficiency of Receivables Management Using Financial Ratios
  • 9.4 Discuss the Role of Accounting for Receivables in Earnings Management
  • 9.5 Apply Revenue Recognition Principles to Long-Term Projects
  • 9.6 Explain How Notes Receivable and Accounts Receivable Differ
  • 9.7 Appendix: Comprehensive Example of Bad Debt Estimation
  • 10.1 Describe and Demonstrate the Basic Inventory Valuation Methods and Their Cost Flow Assumptions
  • 10.2 Calculate the Cost of Goods Sold and Ending Inventory Using the Periodic Method
  • 10.3 Calculate the Cost of Goods Sold and Ending Inventory Using the Perpetual Method
  • 10.4 Explain and Demonstrate the Impact of Inventory Valuation Errors on the Income Statement and Balance Sheet
  • 10.5 Examine the Efficiency of Inventory Management Using Financial Ratios
  • 11.1 Distinguish between Tangible and Intangible Assets
  • 11.2 Analyze and Classify Capitalized Costs versus Expenses
  • 11.3 Explain and Apply Depreciation Methods to Allocate Capitalized Costs
  • 11.4 Describe Accounting for Intangible Assets and Record Related Transactions
  • 11.5 Describe Some Special Issues in Accounting for Long-Term Assets
  • 12.1 Identify and Describe Current Liabilities
  • 12.2 Analyze, Journalize, and Report Current Liabilities
  • 12.3 Define and Apply Accounting Treatment for Contingent Liabilities
  • 12.4 Prepare Journal Entries to Record Short-Term Notes Payable
  • 12.5 Record Transactions Incurred in Preparing Payroll
  • 13.1 Explain the Pricing of Long-Term Liabilities
  • 13.2 Compute Amortization of Long-Term Liabilities Using the Effective-Interest Method
  • 13.3 Prepare Journal Entries to Reflect the Life Cycle of Bonds
  • 13.4 Appendix: Special Topics Related to Long-Term Liabilities
  • 14.1 Explain the Process of Securing Equity Financing through the Issuance of Stock
  • 14.2 Analyze and Record Transactions for the Issuance and Repurchase of Stock
  • 14.3 Record Transactions and the Effects on Financial Statements for Cash Dividends, Property Dividends, Stock Dividends, and Stock Splits
  • 14.4 Compare and Contrast Owners’ Equity versus Retained Earnings
  • 14.5 Discuss the Applicability of Earnings per Share as a Method to Measure Performance
  • 15.1 Describe the Advantages and Disadvantages of Organizing as a Partnership
  • 15.2 Describe How a Partnership Is Created, Including the Associated Journal Entries
  • 15.3 Compute and Allocate Partners’ Share of Income and Loss
  • 15.4 Prepare Journal Entries to Record the Admission and Withdrawal of a Partner
  • 15.5 Discuss and Record Entries for the Dissolution of a Partnership
  • 16.1 Explain the Purpose of the Statement of Cash Flows
  • 16.2 Differentiate between Operating, Investing, and Financing Activities
  • 16.3 Prepare the Statement of Cash Flows Using the Indirect Method
  • 16.4 Prepare the Completed Statement of Cash Flows Using the Indirect Method
  • 16.5 Use Information from the Statement of Cash Flows to Prepare Ratios to Assess Liquidity and Solvency
  • 16.6 Appendix: Prepare a Completed Statement of Cash Flows Using the Direct Method
  • A | Financial Statement Analysis
  • B | Time Value of Money
  • C | Suggested Resources

We have gone through the entire accounting cycle for Printing Plus with the steps spread over three chapters. Let’s go through the complete accounting cycle for another company here. The full accounting cycle diagram is presented in Figure 5.14 .

We next take a look at a comprehensive example that works through the entire accounting cycle for Clip’em Cliff. Clifford Girard retired from the US Marine Corps after 20 years of active duty. Cliff decides it would be fun to become a barber and open his own shop called “Clip’em Cliff.” He will run the barber shop out of his home for the first couple of months while he identifies a new location for his shop.

Since his Marines career included several years of logistics, he is also going to operate a consulting practice where he will help budding barbers create a barbering practice. He will charge a flat fee or a per hour charge. His consulting practice will be recognized as service revenue and will provide additional revenue while he develops his barbering practice.

He obtains a barber’s license after the required training and is ready to open his shop on August 1. Table 5.2 shows his transactions from the first month of business.

Transaction 1: On August 1, 2019, Cliff issues $70,000 shares of common stock for cash.

  • Clip’em Cliff now has more cash. Cash is an asset, which is increasing on the debit side.
  • When the company issues stock, this yields a higher common stock figure than before issuance. The common stock account is increasing on the credit side.

Transaction 2: On August 3, 2019, Cliff purchases barbering equipment for $45,000; $37,500 was paid immediately with cash, and the remaining $7,500 was billed to Cliff with payment due in 30 days.

  • Clip’em Cliff now has more equipment than before. Equipment is an asset, which is increasing on the debit side for $45,000.
  • Cash is used to pay for $37,500. Cash is an asset, decreasing on the credit side.
  • Cliff asked to be billed, which means he did not pay cash immediately for $7,500 of the equipment. Accounts Payable is used to signal this short-term liability. Accounts payable is increasing on the credit side.

Transaction 3: On August 6, 2019, Cliff purchases supplies for $300 cash.

  • Clip’em Cliff now has less cash. Cash is an asset, which is decreasing on the credit side.
  • Supplies, an asset account, is increasing on the debit side.

Transaction 4: On August 10, 2019, provides $4,000 in services to a customer who asks to be billed for the services.

  • Clip’em Cliff provided service, thus earning revenue. Revenue impacts equity, and increases on the credit side.
  • The customer did not pay immediately for the service and owes Cliff payment. This is an Accounts Receivable for Cliff. Accounts Receivable is an asset that is increasing on the debit side.

Transaction 5: On August 13, 2019, Cliff pays a $75 utility bill with cash.

  • Clip’em Cliff now has less cash than before. Cash is an asset that is decreasing on the credit side.
  • Utility payments are billed expenses. Utility Expense negatively impacts equity, and increases on the debit side.

Transaction 6: On August 14, 2019, Cliff receives $3,200 cash in advance from a customer for services to be rendered.

  • The customer has not yet received services but already paid the company. This means the company owes the customer the service. This creates a liability to the customer, and revenue cannot yet be recognized. Unearned Revenue is the liability account, which is increasing on the credit side.

Transaction 7: On August 16, 2019, Cliff distributed $150 cash in dividends to stockholders.

  • When the company pays out dividends, this decreases equity and increases the dividends account. Dividends increases on the debit side.

Transaction 8: On August 17, 2019, Cliff receives $5,200 cash from a customer for services rendered.

  • Clip’em Cliff now has more cash than before. Cash is an asset, which is increasing on the debit side.
  • Service was provided, which means revenue can be recognized. Service Revenue increases equity. Service Revenue is increasing on the credit side.

Transaction 9: On August 19, 2019, Cliff paid $2,000 toward the outstanding liability from the August 3 transaction.

  • Accounts Payable is a liability account, decreasing on the debit side.

Transaction 10: On August 22, 2019, Cliff paid $4,600 cash in salaries expense to employees.

  • When the company pays salaries, this is an expense to the business. Salaries Expense reduces equity by increasing on the debit side.

Transaction 11: On August 28, 2019, the customer from the August 10 transaction pays $1,500 cash toward Cliff’s account.

  • The customer made a partial payment on their outstanding account. This reduces Accounts Receivable. Accounts Receivable is an asset account decreasing on the credit side.
  • Cash is an asset, increasing on the debit side.

The complete journal for August is presented in Figure 5.15 .

Once all journal entries have been created, the next step in the accounting cycle is to post journal information to the ledger. The ledger is visually represented by T-accounts. Cliff will go through each transaction and transfer the account information into the debit or credit side of that ledger account. Any account that has more than one transaction needs to have a final balance calculated. This happens by taking the difference between the debits and credits in an account.

Clip’em Cliff’s ledger represented by T-accounts is presented in Figure 5.16 .

You will notice that the sum of the asset account balances in Cliff’s ledger equals the sum of the liability and equity account balances at $83,075. The final debit or credit balance in each account is transferred to the unadjusted trial balance in the corresponding debit or credit column as illustrated in Figure 5.17 .

Once all of the account balances are transferred to the correct columns, each column is totaled. The total in the debit column must match the total in the credit column to remain balanced. The unadjusted trial balance for Clip’em Cliff appears in Figure 5.18 .

The unadjusted trial balance shows a debit and credit balance of $87,900. Remember, the unadjusted trial balance is prepared before any period-end adjustments are made.

On August 31, Cliff has the transactions shown in Table 5.3 requiring adjustment.

Adjusting Transaction 1: Cliff took an inventory of supplies and discovered that $250 of supplies remain unused at the end of the month.

  • $250 of supplies remain at the end of August. The company began the month with $300 worth of supplies. Therefore, $50 of supplies were used during the month and must be recorded (300 – 250). Supplies is an asset that is decreasing (credit).
  • Supplies is a type of prepaid expense, that when used, becomes an expense. Supplies Expense would increase (debit) for the $50 of supplies used during August.

Adjusting Transaction 2: The equipment purchased on August 3 depreciated $2,500 during the month of August.

  • Equipment cost of $2,500 was allocated during August. This depreciation will affect the Accumulated Depreciation–Equipment account and the Depreciation Expense–Equipment account. While we are not doing depreciation calculations here, you will come across more complex calculations, such as depreciation in Long-Term Assets .
  • Accumulated Depreciation–Equipment is a contra asset account (contrary to Equipment) and increases (credit) for $2,500.
  • Depreciation Expense–Equipment is an expense account that is increasing (debit) for $2,500.

Adjusting Transaction 3: Clip’em Cliff performed $1,100 of services during August for the customer from the August 14 transaction.

  • The customer from the August 14 transaction gave the company $3,200 in advanced payment for services. By the end of August the company had earned $1,100 of the advanced payment. This means that the company still has yet to provide $2,100 in services to that customer.
  • Since some of the unearned revenue is now earned, Unearned Revenue would decrease. Unearned Revenue is a liability account and decreases on the debit side.
  • The company can now recognize the $1,100 as earned revenue. Service Revenue increases (credit) for $1,100.

Adjusting Transaction 4: Reviewing the company bank statement, Clip’em Cliff identifies $350 of interest earned during the month of August that was previously unrecorded.

  • Interest is revenue for the company on money kept in a money market account at the bank. The company only sees the bank statement at the end of the month and needs to record as received interest revenue reflected on the bank statement.
  • Interest Revenue is a revenue account that increases (credit) for $350.
  • Since Clip’em Cliff has yet to collect this interest revenue, it is considered a receivable. Interest Receivable increases (debit) for $350.

Adjusting Transaction 5: Unpaid and previously unrecorded income taxes for the month are $3,400.

  • Income taxes are an expense to the business that accumulate during the period but are only paid at predetermined times throughout the year. This period did not require payment but did accumulate income tax.
  • Income Tax Expense is an expense account that negatively affects equity. Income Tax Expense increases on the debit side.
  • The company owes the tax money but has not yet paid, signaling a liability. Income Tax Payable is a liability that is increasing on the credit side.

The summary of adjusting journal entries for Clip’em Cliff is presented in Figure 5.19 .

Now that all of the adjusting entries are journalized, they must be posted to the ledger. Posting adjusting entries is the same process as posting the general journal entries. Each journalized account figure will transfer to the corresponding ledger account on either the debit or credit side as illustrated in Figure 5.20 .

We would normally use a general ledger, but for illustrative purposes, we are using T-accounts to represent the ledgers. The T-accounts after the adjusting entries are posted are presented in Figure 5.21 .

You will notice that the sum of the asset account balances equals the sum of the liability and equity account balances at $80,875. The final debit or credit balance in each account is transferred to the adjusted trial balance, the same way the general ledger transferred to the unadjusted trial balance.

The next step in the cycle is to prepare the adjusted trial balance. Clip’em Cliff’s adjusted trial balance is shown in Figure 5.22 .

The adjusted trial balance shows a debit and credit balance of $94,150. Once the adjusted trial balance is prepared, Cliff can prepare his financial statements (step 7 in the cycle). We only prepare the income statement, statement of retained earnings, and the balance sheet. The statement of cash flows is discussed in detail in Statement of Cash Flows .

To prepare your financial statements, you want to work with your adjusted trial balance.

Remember, revenues and expenses go on an income statement. Dividends, net income (loss), and retained earnings balances go on the statement of retained earnings. On a balance sheet you find assets, contra assets, liabilities, and stockholders’ equity accounts.

The income statement for Clip’em Cliff is shown in Figure 5.23 .

Note that expenses were only $25 less than revenues. For the first month of operations, Cliff welcomes any income. Cliff will want to increase income in the next period to show growth for investors and lenders.

Next, Cliff prepares the following statement of retained earnings ( Figure 5.24 ).

The beginning retained earnings balance is zero because Cliff just began operations and does not have a balance to carry over to a future period. The ending retained earnings balance is –$125. You probably never want to have a negative value on your retained earnings statement, but this situation is not totally unusual for an organization in its initial operations. Cliff will want to improve this outcome going forward. It might make sense for Cliff to not pay dividends until he increases his net income.

Cliff then prepares the balance sheet for Clip’em Cliff as shown in Figure 5.25 .

The balance sheet shows total assets of $80,875, which equals total liabilities and equity. Now that the financial statements are complete, Cliff will go to the next step in the accounting cycle, preparing and posting closing entries. To do this, Cliff needs his adjusted trial balance information.

Cliff will only close temporary accounts, which include revenues, expenses, income summary, and dividends. The first entry closes revenue accounts to income summary. To close revenues, Cliff will debit revenue accounts and credit income summary.

The second entry closes expense accounts to income summary. To close expenses, Cliff will credit expense accounts and debit income summary.

The third entry closes income summary to retained earnings. To find the balance, take the difference between the income summary amount in the first and second entries (10,650 – 10,625). To close income summary, Cliff would debit Income Summary and credit Retained Earnings.

The fourth closing entry closes dividends to retained earnings. To close dividends, Cliff will credit Dividends, and debit Retained Earnings.

Once all of the closing entries are journalized, Cliff will post this information to the ledger. The closed accounts with their final balances, as well as Retained Earnings, are presented in Figure 5.26 .

Now that the temporary accounts are closed, they are ready for accumulation in the next period.

The last step for the month of August is step 9, preparing the post-closing trial balance. The post-closing trial balance should only contain permanent account information. No temporary accounts should appear on this trial balance. Clip’em Cliff’s post-closing trial balance is presented in Figure 5.27 .

At this point, Cliff has completed the accounting cycle for August. He is now ready to begin the process again for September, and future periods.

Concepts In Practice

Reversing entries.

One step in the accounting cycle that we did not cover is reversing entries. Reversing entries can be made at the beginning of a new period to certain accruals. The company will reverse adjusting entries made in the prior period to the revenue and expense accruals.

It can be difficult to keep track of accruals from prior periods, as support documentation may not be readily available in current or future periods. This requires an accountant to remember when these accruals came from. By reversing these accruals, there is a reduced risk for counting revenues and expenses twice. The support documentation received in the current or future period for an accrual will be easier to match to prior revenues and expenses with the reversal.

Link to Learning

As we have learned, the current ratio shows how well a company can cover short-term debt with short-term assets. Look through the balance sheet in the 2017 Annual Report for Target and calculate the current ratio. What does the outcome mean for Target ?

Think It Through

Using liquidity ratios to evaluate financial performance.

You own a landscaping business that has just begun operations. You made several expensive equipment purchases in your first month to get your business started. These purchases very much reduced your cash-on-hand, and in turn your liquidity suffered in the following months with a low working capital and current ratio.

Your business is now in its eighth month of operation, and while you are starting to see a growth in sales, you are not seeing a significant change in your working capital or current ratio from the low numbers in your early months. What could you attribute to this stagnancy in liquidity? Is there anything you can do as a business owner to better these liquidity measurements? What will happen if you cannot change your liquidity or it gets worse?

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Worksheet MCQs

accounting worksheet answers

Written by True Tamplin, BSc, CEPF®

Reviewed by subject matter experts.

Updated on March 26, 2023

Fact Checked

Why Trust Finance Strategists?

Complete this quiz on worksheets to test your knowledge and prepare for your exams and interviews. The test contains 10 multiple choice questions (MCQs).

In this test, each MCQ has 4 answers, and you need to choose the correct response. If you find some questions difficult, you can learn what's required on the worksheet page.

  • Trial balance
  • Balance sheet
  • Financial statement
  • Two pairs of amount columns
  • Three pairs of amount columns
  • Four pairs of amount columns
  • Five pairs of amount columns
  • Bookkeeping
  • Income statement
  • Cost of goods sold statement
  • Working paper
  • Book of account
  • None of the above
  • Part of teh permanent record
  • Part of the financial statement
  • Both of the above

Worksheet MCQs FAQs

What factors should be considered when making decisions in accounting.

When making decisions in accounting, it is essential to consider all relevant factors. Some of the factors that may be considered include the company’s financial position, Cash Flow, profitability, and business strategy.

What are some common accounting decisions?

In accounting, decision-making is the process of choosing between two or more courses of action to achieve the desired outcome. Factors that should be considered when making decisions include the company’s financial position, Cash Flow, profitability, and business strategy. Accountants use the information to make decisions by analyzing data and trends to make informed decisions to help the company achieve its goals.

How do accountants make decisions?

Accountants use the information to make decisions by analyzing data and trends. This information can come from Financial Statements, internal reports, surveys, and other sources. By analyzing this data, accountants can make informed decisions to help the company achieve its goals.

What are some common accounting decision-making models?

Common accounting decision-making models include the rational decision model, the incremental decision model, and the satisficing decision model. Each of these models has its own set of steps that should be followed when deciding.

About the Author

True Tamplin, BSc, CEPF®

True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists.

True is a Certified Educator in Personal Finance (CEPF®), author of The Handy Financial Ratios Guide , a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University , where he received a bachelor of science in business and data analytics.

To learn more about True, visit his personal website or view his author profiles on Amazon , Nasdaq and Forbes .

Related Topics

  • Accounting Cycle MCQs With Answers
  • Accounting Equations MCQs
  • Accounting and Finance MCQs Test 1
  • Accounting and Finance MCQs Test 2
  • Accounting and Finance MCQs Test 3
  • Accounting and Finance MCQs Test 4
  • Accounting and Finance MCQs Test 5
  • Accounting and Finance MCQs Test 6
  • Adjusting Entries MCQs 1
  • Admission of New Partner MCQs
  • Business Transactions MCQs
  • Capital and Revenue Expenditures MCQs 1
  • Cash Book MCQs
  • Cash Flow Statement MCQs
  • Dissolution of Partnership - MCQs
  • Distribution of Profit and Loss MCQs
  • Dividend and Bonus MCQs
  • Financial Statements MCQs
  • Formation and Organization MCQs
  • General Journal MCQs
  • General Ledger MCQs
  • Introduction to Accounting MCQs
  • Issuance of Shares and Debenture MCQs
  • Manufacturing Accounts MCQs
  • Material Costing Methods MCQs
  • Non-Trading Concerns MCQs
  • Retirement and Death of a Partner MCQs
  • Special Journal MCQs
  • Transaction Analysis MCQs
  • Trial Balance MCQs

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accounting worksheet answers

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accounting worksheet answers

Part 1: Tell Us More About Yourself

Do you own a business, which activity is most important to you during retirement.

  • Giving back / charity
  • Spending time with family and friends
  • Pursuing hobbies

Part 2: Your Current Nest Egg

Part 3: confidence going into retirement, how comfortable are you with investing.

  • Very comfortable
  • Somewhat comfortable
  • Not comfortable at all

How confident are you in your long term financial plan?

  • Very confident
  • Somewhat confident
  • Not confident / I don't have a plan

What is your risk tolerance?

How much are you saving for retirement each month.

  • None currently
  • Minimal: $50 - $200
  • Steady Saver: $200 - $500
  • Serious Planner: $500 - $1,000
  • Aggressive Saver: $1,000+

How much will you need each month during retirement?

  • Bare Necessities: $1,500 - $2,500
  • Moderate Comfort: $2,500 - $3,500
  • Comfortable Lifestyle: $3,500 - $5,500
  • Affluent Living: $5,500 - $8,000
  • Luxury Lifestyle: $8,000+

Part 4: Getting Your Retirement Ready

What is your current financial priority.

  • Getting out of debt
  • Growing my wealth
  • Protecting my wealth

Do you already work with a financial advisor?

Which of these is most important for your financial advisor to have.

  • Tax planning expertise
  • Investment management expertise
  • Estate planning expertise

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accounting worksheet answers

Accounting and Bookkeeping Practice Set - Bookkeeping Practice Sets | bookkeepingpractice.com

  • Computer Accounting Bookkeeping
  • Beginning Bookkeeping
  • Special Journals
  • Financial Statements Analysis
  • Chart Of Accounts
  • Merchandise Inventory
  • Bookkeeping Lectures
  • Bookkeeping Testing
  • Free Guides & Software
  • Compensation

Bookkeeping Practice Sets

  • The accounting cycle
  • The chart of accounts
  • Recording transactions in the general and special journals
  • Double-entry accounting
  • Posting transactions from journals into the general and subsidiary ledgers
  • Preparation of a trial balance and adjusted trial balance
  • End-of-period adjustments
  • Summarization of financial information on a worksheet
  • Preparation of accounting reports, including the profit and loss statement and balance sheet
  • Computer Accounting and Bookkeeping Software
Manager Old Guides
Manager Guides By Topic

accounting worksheet answers

‌   Download Excel Template

Try Smartsheet Template   ‌

An accounting journal is an accounting worksheet that allows you to track each of the steps of the accounting process, side by side. This accounting journal template includes each step with sections for their debits and credits, and pre-built formulas to calculate the total balances for each column. 

We’ve also included links to similar accounting templates in Smartsheet, a spreadsheet-inspired work management tool that makes accounting processes even easier and more collaborative than Excel.

Accounts Payable Template

Accounts Payable Journal Template

When making large purchases for items like inventory, supplies, or equipment it may be necessary to do so on credit, which could result in multiple monthly payments made to different vendors or suppliers, due on different dates. Using this accounts payable template will help to keep track of what you owe to each party, and will provide a quick look at the total outstanding balances and due dates.

Accounts Receivable Template

Accounts Receivable Template

Every company should have a process in place to manage the outstanding balances owed to them. Using this accounts receivable template will help streamline the process by providing a place for you to track the amounts due to your company and help prioritize collection efforts. 

Bill To Invoice Template

Bill To Invoice Template

‌ Download Excel Template

‌ Try Smartsheet Template

For any company providing goods or services, using an invoice that looks professional and can be customized to fit your needs, is important. This simple bill template will help you get started quickly. Add your company details and payee information, provide an itemized list of the description, quantity, and price of each item you are charging for, and include directions on how your customer may remit payment. 

Bill of Lading Template

Bill of Lading Template

‌  Try Smartsheet Template

A bill of lading is a document detailing how goods are being shipped from a seller to a recipient. It includes details about the items being shipped, the quantity of items included in the shipment, and the destination address. Use a bill of lading template to ensure you complete this document for each shipping transaction. This template includes a signature section that should be signed by you, then the shipping company, and finally the recipient, so that if the shipment is lost, the signature detail will help identify at what point it was lost and who was liable.

Billing Statement Template

Billing Statement Template

‌ Download Excel Template

A billing statement is helpful if you receive regular bi-monthly or monthly payments from your customers. Use this billing statement template to track customer invoices, account details, and billing status, all in one location. Additionally, this template looks professional  and is customizable to match your needs.

Cash Flow Statement Template

Cash Flow Statement Template

‌ Try  Smartsheet Template

A cash flow statement is important to provide a good picture of the inflow and outflow of cash within your company. It shows where the money came from (cash receipts) and where the money went to (cash paid). Use a cash flow statement template, in conjunction with your balance sheet and income statement, to provide a comprehensive look into the financial status of your company. This cash flow template includes two additional worksheets to track month-to-month and year-to-year cash flow.

Cash Flow Forecast Template

Cash Flow Forecast Template

Creating a cash flow forecast can be helpful for managing your business’ finances. It enables you to estimate how much money your business will make and spend at any given point, and will allow you to take the appropriate steps to ensure that your cash outflow is not more than your inflow. Use a simple cash flow forecast template to get started quickly. Be sure you include all income including revenue and investments, and account for all expenses including fixed costs.

Expense Report Template

Expense Report Template

A simple expense report is helpful to keep track of business expenses for an individual, department, project, or company, and provides a quick way to document and track expense details. You can require that your team submit monthly expense reports or as the expenses are accrued. Use this expense report template to quickly input specific expense details and obtain approvals as needed.

Income Statement Template

Income Statement Template

An income statement, or profit and loss statement, provides a look into the financial performance of a company over a period of time. The statement provides a summary of the company’s revenue and expenses, along with the net income. Use this income statement template to create a single-step statement that groups all revenue and expenses, and is helpful for businesses of all sizes.

Payment Schedule Template

Payment Schedule Template

You will likely have multiple bills to pay in a month, to different companies and on different dates. It is important to have a way to track when specific bills are due, the amount that is due, and to whom. Use a simple payment schedule template to track these details. This payment schedule template will help you remember when each bill is due and be able to budget accordingly.

Simple Balance Sheet Template

Balance Sheet Template

A simple balance sheet template provides a quick snapshot of a company’s financial position, at a given moment. Use this balance sheet template to summarize the company’s assets, liabilities, and equity, and give investors an idea of the health of the company. 

Travel Itinerary Template

Travel Itinerary Template

Whenever you or your team are scheduled for business trips, it’s helpful to have a travel itinerary that lists the details for transportation, lodging, car rentals, meetings and more. Use a simple business travel itinerary template to keep all of these details in one location, and be able to share the details with important stakeholders. 

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accounting worksheet answers


  1. Full Accounting Questions and Answers

    Here is a list of full accounting questions and answers that can be found on this site, along with a brief description of each one. Please note that these are generally intermediate to advanced exercises. I would definitely recommend to time yourself when you practice each of these exercises.

  2. Accounting Worksheet Problems and Solutions

    Accounting Worksheet Problems and Solutions Complete Information to Help You Understand Accounting Worksheet Problems and Solutions . This Is One of The Important topic in Accounting and Finance.

  3. Accounting Quizzes and Practice Tests

    01. Accounting Basics 02. Debits and Credits 03. Chart of Accounts 04. Bookkeeping 05. Accounting Equation 06. Accounting Principles 07. Financial Accounting 08. Adjusting Entries 09. Financial Statements 10. Balance Sheet 11. Working Capital and Liquidity 12. Income Statement 13. Cash Flow Statement 14. Financial Ratios 15. Bank Reconciliation 16.

  4. Accounting Worksheet

    An accounting worksheet is a tool used to help bookkeepers and accountants complete the accounting cycle and prepare year-end reports like unadjusted trial balances, adjusting journal entries, adjusted trial balances, and financial statements.

  5. PDF Financial Accounting Workbook (Version 2.1) Tony Bell

    6 1-2A - Account Classification Each of the following accounts is either an Asset (A), Liability (L), Shareholders' Equity (SE), Revenue (Rev), Expense (Exp) or Dividend (Div) account. Mark the first blank with the appropriate classification - A, L, SE, Rev, Exp or Div.

  6. Practice: Preparing Financial Statements

    Prepare an income statement Prepare a statement of owner's equity Prepare a balance sheet Identify the three main components of the statement of cash flows The following is the adjusted trial balance of Maggie's Music Shop. A. Take the information from Maggie's Music Shop adjusted trial balance and fill out an Income statement.

  7. 5.4 Appendix: Complete a Comprehensive Accounting Cycle for ...

    Why It Matters; 3.1 Describe Principles, Assumptions, and Concepts of Accounting and Their Relationship to Financial Statements; 3.2 Define and Describe the Expanded Accounting Equation and Its Relationship to Analyzing Transactions; 3.3 Define and Describe the Initial Steps in the Accounting Cycle; 3.4 Analyze Business Transactions Using the Accounting Equation and Show the Impact of Business ...

  8. Balance Sheet Quiz and Test

    Statement Of Financial Position. Right! The balance sheet is also referred to as the statement of financial position or the statement of financial condition. 2. The balance sheet heading will specify a. Period Of Time. Wrong. The balance sheet reflects an instant or a POINT in time. Point In Time.

  9. Worksheet McQs Quiz With Answers

    1. What is the name for a large columnar working sheet used by accountants to analyze the financial data for the preparation of financial statements at the end of the accounting period? Trial balance Balance sheet Financial statement Worksheet 2. A working paper of accountants, prepared with a lead pencil, is called: Worksheet Financial statement

  10. Exercises: Chapter 1

    Exercises: Chapter 1 SHORT ANSWER QUESTIONS, EXERCISES AND PROBLEMS Questions: Accounting has often been called the language of business. In what respects would you agree with this description? How might you argue that this description is deficient? Define asset, liability, and stockholders' equity.

  11. Accounting and Bookkeeping Practice Set

    Baldy's Barber Shop is a three-way accounting and bookkeeping practice set that includes both a manual version for completion in writing, a Microsoft® Excel or Libre Office Spreadsheet version, and a Manager Accounting Software computerized accounting software version.

  12. Accounting Textbook Answers: Solutions w/ Explanations

    Accounting Textbook Answers: Solutions w/ Explanations | Course Hero All Textbook Solutions Accounting Accounting Showing all Accounting textbooks © Accounting 27th Edition • Reeve/Warren ISBN 9781337272094 © Financial Accounting 15th Edition • Warren/Reeve/Duchac ISBN 9781337272124 © Financial & Managerial Accounting

  13. Interpreting the Balance Sheet (practice)

    Take a look at this balance sheet for The Great American Department Store. Based on the information available, Total Liabilities =. Do 7 problems. Learn for free about math, art, computer programming, economics, physics, chemistry, biology, medicine, finance, history, and more. Khan Academy is a nonprofit with the mission of providing a free ...

  14. Accounting Worksheet (Definition)

    Accounting Worksheet is a spreadsheet tool that records all accounting information and is used to prepare the company's financial statements at the end of the accounting cycle, thereby ensuring its financial accuracy.

  15. Financial Accounting Textbook Solutions and Answers

    View 5 solutions » Accounting for Corporate Combinations and Associations 8th Edition Author: Matt Egan, Neal Arthur, Louise Luff, Ronita Ram, Peter Keet, Bryan Howieson ISBN: 9781488611520 Edition: 8th View 59 solutions » Activities Workboook for Dlabay/Burrow's Business Finance 1st Edition Author: James L. Burrow, Les Dlabay ISBN: 9780538445085

  16. Accounting Textbook Solutions and Answers

    View 538 solutions ». Bundle: Integrated Accounting for Windows® (with Integrated Accounting Software CD-ROM), 7th + Using Quickbooks Pro 2011 for Accounting (with CD-ROM), 10th 10th Edition. Author: Dale A Klooster, Warren Allen, Dale A (Dale A Klooster) Klooster, Warren W Allen. ISBN: 9781133286660.

  17. Accounting Principles

    Exercise 12. At Quizlet, we're giving you the tools you need to take on any subject without having to carry around solutions manuals or printing out PDFs! Now, with expert-verified solutions from Accounting Principles 12th Edition, you'll learn how to solve your toughest homework problems. Our resource for Accounting Principles includes ...

  18. PDF Financial Accounting Workbook (Version 1.0) Tony Bell

    confused accounting students all over the world, many of whom stumble on to the website late at night while cramming for exams. The following account balances relate to the company's January 31, 2017 year-end financial statements: Utilities expense 1,500 Accounts payable 300 ...

  19. Century 21 Accounting: Multicolumn Journal

    Now, with expert-verified solutions from Century 21 Accounting: Multicolumn Journal 11th Edition, you'll learn how to solve your toughest homework problems. Our resource for Century 21 Accounting: Multicolumn Journal includes answers to chapter exercises, as well as detailed information to walk you through the process step by step.

  20. Accounting Chapter 4 Smart Book, CHAPTER 3 SMARTBOOK (McGraw ...

    Study with Quizlet and memorize flashcards containing terms like Recall the column headings of a work sheet used to prepare financial statements. Which of the following items would be seen on such a worksheet. (Check all that apply.), Which of the following is correct regarding a work sheet?, Which of the following statements is correct regarding a work sheet and the adjustment process? and more.

  21. Free Accounting Templates in Excel

    Accounting Journal Template. ‌ Download Excel Template. Try Smartsheet Template ‌. An accounting journal is an accounting worksheet that allows you to track each of the steps of the accounting process, side by side. This accounting journal template includes each step with sections for their debits and credits, and pre-built formulas to ...

  22. Free AI Accounting Homework Helper

    A 24/7 free Accounting homework AI tutor that instantly provides personalized step-by-step guidance, explanations, and examples for any Accounting homework problem. ... Get all your Accounting assignments done with helpful answers in 10 seconds or less. No more asking friends for Accounting help. StudyMonkey is your new smart bestie that will ...

  23. Basic Accounting Practice Set

    A worksheet is prepared primarily to facilitate the preparation of the financial statements. In the income statement columns of the worksheet, if total debits exceed total credits, there is profit. Closing entries are prepared at the end of the accounting period to "zero out" the balances of all nominal accounts in the ledger.