Basic Accounting Principles Quiz

5 Questions

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Accounting Quizzes & Trivia

Take this quiz to test your knowledge of basic Accounting principles.


Questions and Answers
  • 1. 
    Something that you own is called a(n)
    • A. 

      Asset

    • B. 

      Liability

  • 2. 
    Something that you owe is called a(n)
    • A. 

      Asset

    • B. 

      Liability

  • 3. 
    If you earn more than you spend, you have a
    • A. 

      Profit

    • B. 

      Loss

  • 4. 
    If you spend more than you earn, you have a
    • A. 

      Profit

    • B. 

      Loss

  • 5. 
    Two of the three major parts of an accounting form are
    • A. 

      Opening Balance

    • B. 

      Debits

    • C. 

      Credits