Accounting Exam: Basic Principles! Quiz
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There are some basic principles that every accountant needs to be aware of when it comes to accounting practices. Have you just begun your accounting course and have the final exam in less than a week? If so, then this Accounting 1 final exam practice test is what you need to ace it. Why don’t you give it a shot!
- 1.Planning, recording, analyzing, and interpreting financial information is called...
- A.
Withdrawals
- B.
Accounting
- C.
Asset
- D.
Chart of Accounts
- 2.__________ = Liabilities + _____________
- A.
Owner's Equity; Assets
- B.
Accounting; Revenue
- C.
Withdrawals; Credit
- D.
Assets; Owner's Equity
- 3.An amount OWED by a business:
- A.
Liability
- B.
Asset
- C.
Revenue
- D.
Expense
- 4.What is accounting?
- A.
A business that performs an activity for a fee.
- B.
Planned process for providing financial information.
- C.
Planning, recording, analyzing, and interpreting financial information.
- D.
None of the above
- 5.Which journal columns are used to record receiving cash from sales?
- A.
Cash Debit and Sales Credit
- B.
Cash Credit and Sales Debit
- C.
Cash Credit and Sales Owner's Equity
- D.
Cash Owner's Equity and Sales Credit
- 6.Determining that the amount of cash agrees with the accounting records...
- A.
Check
- B.
Revenue
- C.
Invoice
- D.
Proving Cash
- 7.A business that performs an activity for a fee...
- A.
Wholesale Merchandising Business
- B.
Service Business
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