Accounting Beginning

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Accounting Quizzes & Trivia

Basic accounting rules

Questions and Answers
  • 1. 

    Debit/Credit Rule enter an amount in the normal balance side of an account to increase the  balance to increase the balance and in the opposite side to decrease the balance

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
  • 2. 

    Assets, Draws, and Revenue Accounts normally have a debit balance.

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
  • 3. 

    Which of the following accounts is what is known as a temporary or nominal account ?

    • A.

      Asset

    • B.

      Owner's Equity (Capital)

    • C.

      Liability

    • D.

      Revenue

    Correct Answer
    D. Revenue
  • 4. 

    The Cash Method (Basis)of accounting records income in the period earned and expenses in the period incurred.

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
  • 5. 

    A relatively new type of business structure that combines the benefits of a partnership and a corporation is called a

    • A.

      Sole Propietorship

    • B.

      Hybrid Partnership

    • C.

      Limited Liability Company (LLC)

    • D.

      Corporation

    Correct Answer
    C. Limited Liability Company (LLC)

Quiz Review Timeline +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Jan 16, 2013
    Quiz Edited by
    ProProfs Editorial Team
  • Jul 19, 2010
    Quiz Created by
    Orange3

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