Can You Pass This Test On Business Accounting?
Business accounting us a field under accounting. If you own a business or work for a business as an accountant, then this quiz is definitely for you. It has the most pertinent questions we bet you won't be able to answer. Try it!
- 1.
![Assets are usually reported on the balance sheet at which amount? - ProProfs]( "Assets are usually reported on the balance sheet at which amount?")
Assets are usually reported on the balance sheet at which amount?- A.
Cost
- B.
Current Market Value
- C.
Expected Selling Price
- D.
Selling price
- 2.
![Which word do liabilities often have in their account title? - ProProfs]( "Which word do liabilities often have in their account title?")
Which word do liabilities often have in their account title?- A.
Profitable
- B.
Payable
- C.
Risked
- D.
Losing
- 3.
![What are obligations (amounts owed) reported on the balance sheet referred to as? - ProProfs]( "What are obligations (amounts owed) reported on the balance sheet referred to as?")
What are obligations (amounts owed) reported on the balance sheet referred to as?- A.
Profits
- B.
Losses
- C.
Risks
- D.
Liabilities
- 4.
![What is the initial investment by an owner of a sole trader (sole proprietorship) or partnership business called? - ProProfs]( "What is the initial investment by an owner of a sole trader (sole proprietorship) or partnership business called?")
What is the initial investment by an owner of a sole trader (sole proprietorship) or partnership business called?- A.
Capital
- B.
Asset
- C.
Drawing
- D.
Liability
- 5.
![When a company pays a bill, the account Cash will be - ProProfs]( "When a company pays a bill, the account Cash will be")
When a company pays a bill, the account Cash will be- A.
Debited
- B.
Credited
- C.
Depends on what kind of payment
- D.
Nothing changes
- 6.
![Which of the following items would be accounted for as an expense? - ProProfs]( "Which of the following items would be accounted for as an expense?")
Which of the following items would be accounted for as an expense?- A.
Repayment of a bank loan
- B.
Dividends to stockholders
- C.
The purchase of land
- D.
Payment of the current period's rent
- 7.
![Which of the following would not be included on a balance sheet? - ProProfs]( "Which of the following would not be included on a balance sheet?")
Which of the following would not be included on a balance sheet?- A.
Accounts receivable
- B.
Accounts payable
- C.
Sales
- D.
Cash
- 8.
![Which of these is the most important feature of accounting? - ProProfs]( "Which of these is the most important feature of accounting?")
Which of these is the most important feature of accounting?- A.
Drinking lots of coffee
- B.
Noting down the debits and credits
- C.
Interpreting the accounts and financial activity
- D.
Recording transactions and financial activity
- 9.
![Accounting entries involve a minimum of how many accounts? - ProProfs]( "Accounting entries involve a minimum of how many accounts?")
Accounting entries involve a minimum of how many accounts?- A.
Three
- B.
Two
- C.
One
- D.
Four
- 10.
![Gerald had beginning total stockholders’ equity of $160,000. During the year, total assets increased by $240,000, and total liabilities increased by $120,000. Gerald’s net income was $180,000. No additional investments were made; however, dividends did occur during the year. How much were the dividends? - ProProfs]( "Gerald had beginning total stockholders’ equity of $160,000. During the year, total assets increased by $240,000, and total liabilities increased by $120,000. Gerald’s net income was $180,000. No additional investments were made; however, dividends did occur during the year. How much were the dividends?")
Gerald had beginning total stockholders’ equity of $160,000. During the year, total assets increased by $240,000, and total liabilities increased by $120,000. Gerald’s net income was $180,000. No additional investments were made; however, dividends did occur during the year. How much were the dividends?- A.
$20,000
- B.
$60,000
- C.
$220,000
- D.
$140,000
Questions: 7 | Attempts: 20723 | Last updated: Nov 20, 2020
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