Struggle to study accountancy? Take this accounting quiz for starters, and see how much you understand accounts. Well, it is not that difficult, especially if you know the basics. This is an accounting quiz designed to clear some fundamental doubts and clear the basics of accounting. Share this quiz with your fellow accounting classmates, so they get a chance to brush up on their accounting skills. Your scores will reveal whether you have learned everything or you need to learn more.
True
False
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True
False
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True
False
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False
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Make sure all transactions have been recorded.
Make sure the total debits equal the total credits.
Make sure there are no errors in the accounting records.
Make sure the journal entries have been posted only once.
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True
False
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True
False
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It involves the transfer of journal entries to the ledger accounts.
It involves the transfer from the trial balance to the financial statements.
It normally occurs before entering transactions into a journal.
It involves the transfer from the trial balance to the general ledger.
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True
False
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Liabilities and Assets Only
Assets and Owner's equity Only
Liabilities and Owner's equity Only
Assets, Liabilities, and Owner's Equity Only
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In the proper order of account numbers used
Alphabetically
Chronologically
It depends on the business.
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Closing the revenue accounts for the year.
Closing the expense accounts for the year.
Closing the drawings account for the year.
You are not closing any account.
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Journal
General Ledger
Trial Balance
General Journal
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Cash and Revenue
Revenue and Accounts Receivable
Revenue and Expenses
Expenses and bank loans
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Posting trial balance
Post-closing trial balance
Unadjusted trial balance
Adjusted trial balance
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The statement of Owner's Equity
The journal and the ledger
Debits and Credits
The ledger and the trial balance
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Reports any changes in equity over the reporting period
Is used to calculate the ending Owner's equity so that it can be transferred to the income statement
Is Used to determine the sources and uses of cash
Reflects increases due to losses and decreases due to profits
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24,000 Current and 30,000 non current
36,000 Current and 24,000 non current
30,000 Current and 24,000 non current
24,000 Current and 36,000 non current
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5,500
0
100,000
105,500
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A credit balance in the income summary account.
A debit balance in the income summary account.
A zero balance in the income summary account.
The income summary account in this transaction is not relevant.
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True
False
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Cash
Bank Loans
Rent Expense
Revenue
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Service Revenue
Cash
Expenses
Accounts Receivable
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Decreases Owner's equity
Decreases Cash
Increases by debiting it
Is an account to record money that the owner is withdrawing for their personal use
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