Accounting II First Semester Exam

12 Questions | By Bhill | Updated: Mar 22, 2022 | Attempts: 773

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Accounting II First Semester Exam - Quiz

You have already moved from learning the basics of accounting and are now studying accounting II. This being the end of the semester it is expected that you are well equipped to pass the exam. Try out the quiz below and see what you need to polish up before the exams.

Questions and Answers

1.

Anything of value that is owned is called a(n):
- A.
  
  Asset
- B.
  
  Liability
- C.
  
  Equity
- D.
  
  None of these
2.

An account in a general ledger that summarizes all accounts in a subsidiary ledger is calleda(n):
- A.
  
  Gneral account
- B.
  
  Special account
- C.
  
  Maintenance account
- D.
  
  None of these
3.

An amount of cash kept on hand and used for making small payments is called:
- A.
  
  Cash on hand
- B.
  
  Petty cash
- C.
  
  Quick cash
- D.
  
  None of these
4.

A form for recording transactions in chronological order is called a(n):
- A.
  
  Journal
- B.
  
  Special journal
- C.
  
  Ledger
- D.
  
  None of these
5.

A ledger that contains all accounts needed to prepare financial statements is called a(n):
- A.
  
  Special ledger
- B.
  
  General ledger
- C.
  
  Subsidiary ledger
- D.
  
  None of these
6.

An account that reduces a related account on a financial statement is called a(n):
- A.
  
  Liability account
- B.
  
  Contra account
- C.
  
  Credit account
- D.
  
  None of these
7.

Financial rights to the assets of a business are called
- A.
  
  Liabilities
- B.
  
  Ownership rights
- C.
  
  Equities
- D.
  
  None of these
8.

A business that purchases and sells goods is called a(n):
- A.
  
  Servie business
- B.
  
  Merchandising business
- C.
  
  Selling business
- D.
  
  None of these
9.

A form prepared by the customer showing the price deduction taken by the customer for returns and allowances is called a(n):
- A.
  
  Credit memorandum
- B.
  
  Debit memorandum
- C.
  
  Return memorandum
- D.
  
  None of these
10.

A record summarizing all the information pertaining to a single item in the accounting equation is called a(n):
- A.
  
  Journal
- B.
  
  Ledger
- C.
  
  Account
- D.
  
  None of these
11.

Information about business transctions is obtained from original business papers called:
- A.
  
  Journals
- B.
  
  Ledgers
- C.
  
  Invoices
- D.
  
  None of these
12.

A deduction that a vendor allows on the invoice amount to encourage prompt paymebnt is called a(n):
- A.
  
  Cash discount
- B.
  
  Credit discount
- C.
  
  Good customer discount
- D.
  
  None of these