Can You Pass This Test On Business Accounting?

10 Questions | By AdewumiKoju | Last updated: Mar 22, 2022 | Total Attempts: 145

Questions

Settings

Create your own Quiz

Can You Pass This Test On Business Accounting? - Quiz

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!

Questions and Answers

1.

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?
- A.
  
  Profitable
- B.
  
  Payable
- C.
  
  Risked
- D.
  
  Losing
3.

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?
- A.
  
  Capital
- B.
  
  Asset
- C.
  
  Drawing
- D.
  
  Liability
5.

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?
- 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?
- A.
  
  Accounts receivable
- B.
  
  Accounts payable
- C.
  
  Sales
- D.
  
  Cash
8.

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?
- 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?
- A.
  
  $20,000
- B.
  
  $60,000
- C.
  
  $220,000
- D.
  
  $140,000

Related Topics

More Business Accounting Quizzes

Professionalism & Ethics MCQ Quiz

Are you a business person or a working professional? For any profession, an individual must be aware of professionalism and ethics. With this quiz, check your knowledge on the same, and make your way to success. All the best...

Questions: 25 | Attempts: 53679 | Last updated: Aug 5, 2022

Sample Question
Which of the following is NOT a characteristic of professionalism:

Kindness

Competency

Morality

Complacency

Introduction To Business MCQ Quiz

Welcome to the Introduction to Business MCQ Quiz. This test is developed to test your fundamental knowledge about business concepts and principles. If you are into business studies I think you'd like to test your basic...

Questions: 22 | Attempts: 27051 | Last updated: Mar 22, 2022

Sample Question
A person who risks both time and money to start and manage a business is called ___________.

Overachiever

Supervisor

Entrepreneur

Narcissist

What Type Of Online Business Should I Open?

Do you have a passion for starting your own successful online business & wondered What type of online business should I open? Do you need some help figuring out which business is right for you? Then you've stumbled upon...

Questions: 10 | Attempts: 21724 | Last updated: Aug 8, 2022

Sample Question
What are you passionate about? In other words, what do you spend most of your time doing?

Planning for my future (career, school)

Working out(weightlifting, yoga, cardio)

Learning new software langauge

Helping others overcome problems