How Much Do You Know About Small Business Accounting?

10 Questions | By AdewumiKoju | Last updated: Jun 17, 2022 | 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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