Some questions from my accounting review.

1. If assets are $100,000 and liabilities are $25,000 what is equity.

2. A company bills a client for consulting work that has been completed, what two accounts will be affected.

3. Determine the amount of equity to report, given asset accounts, liability accounts.

4. Given the amount of some asset accounts and equity accounts, what is the amount of liabilities.

5. What would be the general entry to purchase $7,600 worth of supplies and paid cash immediately.

6. What is the journal entry to record $2,550 from a client that you billed from a previous month.

7. What is the general entry for a sole stock holder that started a business with investing $46,000 cash.

8. You purchase a new oven for $5,900 on credit, you debited accounts payable and debited the kitchen equipment, what effect did that have on the trial balance.

9. What accounts do adjusting entries affect?

10. What is the principle that requires expenses to be reported in the same period as the revenue that was earned as a result of the expense.