Test Your Accounting Knowledge

43 Questions | Total Attempts: 366

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Test Your Accounting Knowledge

Can you correctly answer all these questions about accounting? Let's test your knowledge on this now by taking this quiz!


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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