Quiz : How Much Do You Know About Accounting?

43 Questions | Total Attempts: 536

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Quiz : How Much Do You Know About Accounting? - Quiz

Can you correctly answer all these accounting questions? We're curious to know how much you know about accounting! Take this quiz and test your knowledge now. Do you think you can get a high score on our super fun quiz? Give it a try. Please make sure to read all the questions carefully before answering. All the questions in the quiz are compulsory. Your scores will be reflected once you've completed attempting the quiz. Have fun and good luck!


Questions and Answers
  • 1. 
    A record summarizing all the information pertaining to a single item in the accounting equation.
    • A. 

      Account

    • B. 

      Board of directors

    • C. 

      Account title

    • D. 

      Journal

  • 2. 
    A group of persons elected by the stockholders to manage a corporation.
    • A. 

      Cash Discount

    • B. 

      Partnership

    • C. 

      Board of directors

    • D. 

      Receipt

  • 3. 
    A deduction from the invoice amount, allowed by a vendor to encourage early payment.
    • A. 

      Trade discount

    • B. 

      Cash discount

    • C. 

      Tax Discount

    • D. 

      Discount

  • 4. 
    The percentage relationship between one financial  statement and the total that includes that item.
    • A. 

      Component discount

    • B. 

      Cash discount

    • C. 

      Trade discount

    • D. 

      Component percentage

  • 5. 
    An amount recorded on the right side of a T account.
    • A. 

      Credit

    • B. 

      Debit

    • C. 

      Account

    • D. 

      Account title

  • 6. 
    An amount recorded on the left side of a T account.
    • A. 

      Debit

    • B. 

      Credit

    • C. 

      Account

    • D. 

      Account title

  • 7. 
    The length of time for which a business summarizes and reports financial information.
    • A. 

      Time line

    • B. 

      Fiscal period

    • C. 

      Trail period

    • D. 

      Temporary

  • 8. 
    A ledger that contains all accounts needed to prepare financial statement.  
    • A. 

      General journal

    • B. 

      Purchase journal

    • C. 

      General ledger

    • D. 

      Cash payment journal

  • 9. 
    A group of accounts.
    • A. 

      Chart of accounts

    • B. 

      General journal

    • C. 

      General Ledger

    • D. 

      Ledger

  • 10. 
    A business in which two or more persons combine their assets and skill.
    • A. 

      Partnership

    • B. 

      Corporation

    • C. 

      Company

    • D. 

      Organization

  • 11. 
    Determining that the amount of cash agrees with the accounting records.
    • A. 

      Stock record

    • B. 

      Adjustments

    • C. 

      Real property

    • D. 

      Proving cash

  • 12. 
    A business activity that changes assets, liabilities, or owner’s equity.
    • A. 

      Transaction

    • B. 

      Entry

    • C. 

      Credit

    • D. 

      Debit

  • 13. 
    A cash discount on purchases taken by a customer.
    • A. 

      Cash discount

    • B. 

      Sales discount

    • C. 

      Purchases discount

    • D. 

      Tax discount

  • 14. 
    A listing of customer accounts, account balances, and total amount due from all customers.
    • A. 

      Trial balance

    • B. 

      Schedule of Account receivable

    • C. 

      Fiscal period

    • D. 

      Schedule of Account payable

  • 15. 
    A listing of all vendor accounts, account balances,  and total amount due all vendors.  
    • A. 

      Schedule of Account payable

    • B. 

      Trail balance

    • C. 

      Fiscal period

    • D. 

      Schedule of Account receivable

  • 16. 
    A form used to show the kind of Merchandise, quantity received, quantity sold, and balance on hand.
    • A. 

      General ledger

    • B. 

      Ledger

    • C. 

      Stock record

    • D. 

      General journal

  • 17. 
    A ledger that is summarized in a single general ledger account.
    • A. 

      Subsidiary ledger

    • B. 

      General Ledger

    • C. 

      Account receivable ledger

    • D. 

      Account payable ledger

  • 18. 
    Accounts used to accumulate information until it is transferred to the owner’s capital Account.
    • A. 

      Trail balance

    • B. 

      General ledger

    • C. 

      Temporary account

    • D. 

      Fiscal period

  • 19. 
    A proof  of the equality of debits and credits in a general ledger.
    • A. 

      General ledger

    • B. 

      Ledger

    • C. 

      Temporary account

    • D. 

      Trail balance

  • 20. 
    Land and anything attached to the land.
    • A. 

      Adjustments

    • B. 

      Real property

    • C. 

      Chart of accounts

    • D. 

      Stock record

  • 21. 
    A special journal used to record only sales of 1S of merchandise on account.
    • A. 

      Sales journal

    • B. 

      Purchases journal

    • C. 

      General ledger

    • D. 

      General journal

  • 22. 
    Changes recorded on a work sheet to update general ledger account at the end of a fiscal period.
    • A. 

      Account balance

    • B. 

      Transaction

    • C. 

      Adjustments

    • D. 

      Ledger

  • 23. 
    The value of an asset determined by tax authorities for the purpose of calculating taxes.
    • A. 

      Trial balance

    • B. 

      Account balance

    • C. 

      Real property

    • D. 

      Assessed value

  • 24. 
    The amount in an account.
    • A. 

      Assessed value

    • B. 

      Account balance

    • C. 

      Trial balance

    • D. 

      Stock record

  • 25. 
    A list of accounts used by a business.
    • A. 

      Chart of accounts

    • B. 

      Account balance

    • C. 

      Schedule of accounts

    • D. 

      Temporary accounts

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