Ultimate Trivia On Business Accounting!

10 Questions | Total Attempts: 124

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Ultimate Trivia On Business Accounting! - Quiz

Business accounting is a fascinating field. If you are into numbers, into the financial side or as they say, crunching numbers, then this quiz would interest you. Take it and test your knowledge.


Questions and Answers
  • 1. 
    What is the financial statement that reports the revenues and expenses for a period of time such as a year or a month called?
    • A. 

      Balance Sheet

    • B. 

      Income Statement 

    • C. 

      Statement Of Cash Flows

    • D. 

      Budget

  • 2. 
    What are the factors that a business owes or needs to pay called?
    • A. 

      Profit

    • B. 

      Assets

    • C. 

      Liabilities

    • D. 

      Capital

  • 3. 
    What are the factors that a business owes or needs to pay called?
    • A. 

      Profit

    • B. 

      Assets

    • C. 

      Liabilities 

    • D. 

      Capital

  • 4. 
    Can assets can be classified into fixed and current assets?
    • A. 

      Yes

    • B. 

      No

    • C. 

      I don't know

    • D. 

      Depends

  • 5. 
    What is another name for outstanding expenses?
    • A. 

      Debit

    • B. 

      Loans

    • C. 

      Credit

    • D. 

      Accruals

  • 6. 
    Retained earnings will change over time because of several factors. Which of the following factors would explain an increase in retained earnings?
    • A. 

      Net loss

    • B. 

      Net income 

    • C. 

      Dividends

    • D. 

      Investments by stockholders

  • 7. 
    What is the financial statement that reports the assets, liabilities, and stockholders' (owner's) equity at a specific date called?
    • A. 

      Balance Sheet 

    • B. 

      Income Statement

    • C. 

      Statement Of Cash Flows

    • D. 

      Budget

  • 8. 
    Which term is associated with "left" or "left-side"?
    • A. 

      Credit

    • B. 

      Profit

    • C. 

      Debit 

    • D. 

      None of the above

  • 9. 
    When cash is received, the account Cash will be...
    • A. 

      Credited

    • B. 

      Profited

    • C. 

      None of the above

    • D. 

      Debited 

  • 10. 
    Revenues minus expenses equal…
    • A. 

      Profit

    • B. 

      Net income 

    • C. 

      Assets

    • D. 

      Liabilities

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