How Much Do You Know About Small Business Accounting?

10 Questions | Total Attempts: 125

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How Much Do You Know About Small Business Accounting? - Quiz

Though small business accounting and business accounting fall under the same field, small business is quite different. It deals with smaller-scale companies and so is not as broad as business accounting. Take this quiz to test your knowledge on the subject


Questions and Answers
  • 1. 
    What term is used for day-to-day dealings that involve the exchange of goods and services for cash?
    • A. 

      Bookkeeping

    • B. 

      Business Transactions 

    • C. 

      Accounting

    • D. 

      Occasion

  • 2. 
    Which is the most important feature of bookkeeping?
    • A. 

      Finding out the profit

    • B. 

      Recording songs

    • C. 

      Summarising the transactions

    • D. 

      Recording transactions 

  • 3. 
    Remington provided the following information about its balance sheet. Based on the information provided, how much are Remington’s liabilities? Cash = $100 Accounts receivable = $500 Stockholders' equity = $700 Accounts payable = $200 Bank loans = $1000
    • A. 

      $200

    • B. 

      $900

    • C. 

      $1,200 

    • D. 

      $1,700

  • 4. 
    Assets minus liabilities equals…
    • A. 

      Owner's equity 

    • B. 

      Losses

    • C. 

      Profit

    • D. 

      Capital

  • 5. 
    What is referred to as "borrowed for personal use"?
    • A. 

      Assets

    • B. 

      Net Pay 

    • C. 

      Profit

    • D. 

      Owner's Equity

  • 6. 
    How is the money that a company earns called?
    • A. 

      Revenue 

    • B. 

      Liability

    • C. 

      Payroll

    • D. 

      Profit

  • 7. 
    When expenses are more than income, it's a…
    • A. 

      Profit

    • B. 

      Revenue

    • C. 

      Liability

    • D. 

      Loss

  • 8. 
    The cost of maintaining and operating a business is called?
    • A. 

      Revenue

    • B. 

      Expense 

    • C. 

      Risk

    • D. 

      Loss

  • 9. 
    A certified public accountant is called?
    • A. 

      Stockbroker

    • B. 

      CPA 

    • C. 

      Bank teller

    • D. 

      Actuary

  • 10. 
    When income is greater than expenses, there is…
    • A. 

      Expense

    • B. 

      Revenue

    • C. 

      Profit

    • D. 

      Loss

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