Using the table below, answer questions 11 and 12.

Assets		Liabilities
General Bank Account	$6,500	Bank Loan	$5,000
Office Furniture	$1,000	Credit Card Debt	$800
Computer Equipment	$2,500

1. Owners equity is:
   1. $10,000
   2. $5,000
   3. $6,500
   4. $4,200
2. If a $400 profit was added to the chart above, owners equity would become:
   1. $14,000
   2. $4,600
   3. $2,500
   4. $6,900

Use the chart below to answer questions 13 to 22.

	Assets	=	Liabilities	+	Owners Equity
1	63,000	=	14,000	+	?
2	?	=	20,000	+	50,000 45,000
3	20,000	=	?	+	6,000
4	35,000	=	15,000	+	?
5	18,000 + 4,000	=	?	+	15,000 10,000
6	?	=	5,400	+	13,000
7	20,000 5,000	=	3,500	+	?
8	?	=	10,000	+	30,000

3. What is the value of the owners equity in line 1?
   1. $40,000
   2. $49,000
   3. $63,000
   4. $77,000
4. What is the value of the assets in line 2?
   1. $25,000
   2. $115,000
   3. $50,000
   4. $50,000 $45,000
5. What is the value of the liabilities in line 3?
   1. $20,000
   2. $6,000
   3. $26,000
   4. $14,000
6. What is the value of the owners equity in line 4?
   1. $35,000
   2. $15,000
   3. $20,000
   4. $50,000
7. What is the value of the liabilities in line 5?
   1. $27,000
   2. $13,000
   3. $17,000
   4. $20,000
8. What is the value of the assets in line 6?
   1. $18,400
   2. $20,400
   3. $7,600
   4. $10,800
9. What is the value of the owners equity in line 7?
   1. $18,500
   2. $15,000
   3. $3500
   4. $11,500
10. What is the value of the assets in line 8?
    1. $20,000
    2. $40,000
    3. $30,000
    4. $10,000
11. What is recorded on the left side of a balance sheet?
    1. Assets
    2. Liabilities
    3. Credits
    4. Owners Equity
12. What is a Chart of Accounts?
    1. A journal in which expenses made on behalf of clients are entered
    2. A record of a firms ongoing financial transactions
    3. The total balance for each account at the end of the accounting period
    4. A customized, detailed chart that creates a unique identification number for each business account

Use Tables A -D below to answer questions 23 to 27.

Table A:

Dr 1,000

Cr

Table B:

Dr

Cr 1,000

Table C:

Dr 1,000

Cr 1,000

Table D:

Dr 1,000

Cr 100

13. Which of the accounts above can be used to show revenues of $1000?
    1. Table A
    2. Table B
    3. Table C
    4. Table D
14. Which of the accounts above can be used to show an increase in an asset account of $1000?
    1. Table A
    2. Table B
    3. Table C
    4. Table D
15. Which of the accounts above can be used to show a payment of $100 on a credit card?
    1. Table A
    2. Table B
    3. Table C
    4. Table D
16. Which of the accounts above can be used to show a balance of zero 0 in a General Bank Account?
    1. Table A
    2. Table B
    3. Table C
    4. Table D
17. Which of the accounts above can be used to show a reduction of $1000 in the owners capital?

1. Table A
2. Table B
3. Table C
4. Table D

Use the Table below to answer questions 28 to 31.

	Debit	Credit
Purchase of Legal Software	$1500
General Bank Account		$300
Accounts Payable/General Liabilities		$1200

18. The entries in the table above can be called:
    1. Credit entries
    2. Debit entries
    3. Compound entries
    4. Journal entries
19. According to the table above, how much of the purchase was paid by credit card?
    1. $300
    2. $1200
    3. $1500
    4. None
20. According to the table above, how much of the purchase was paid in cash?
    1. $300
    2. $1200
    3. $1500
    4. None
21. The table above is an example of what?
    1. Post reference column
    2. Trial balance
    3. Normal debit balance
    4. General Journal