Basic Accounting Quiz Questions And Answers

10 Questions | Total Attempts: 21975

SettingsSettingsSettings
Basic Accounting Quiz Questions And Answers - Quiz

Here's an awesome 'Basic Accounting Quiz' for all the students studying accounts! Accounting is something that is existent in different companies and is essential to ensure that a business keeps on growing. The quiz below is designed to test your knowledge of some basic accounting principles and issues so as to get the job you are applying for. Give it a shot and get to learn more about it. All the best!


Questions and Answers
  • 1. 
    Under the accrual method of accounting, expenses are recorded:
    • A. 

      When they are paid.

    • B. 

      When invoices for expense items are received.

    • C. 

      When they are incurred.

    • D. 

      None of the above

  • 2. 
    Recognition of Depreciation Expense:
    • A. 

      Results in a decrease in Income.

    • B. 

      Does not decrease Income because it is not a true cash expense

    • C. 

      Is required by the matching principle

    • D. 

      Both A and C

  • 3. 
    True or False: assets are typically recorded on the Balance Sheet at their estimated fair market value.
    • A. 

      True

    • B. 

      False

  • 4. 
    Debits and Credits are a part of double-entry bookkeeping? State true or false. 
    • A. 

      True

    • B. 

      False

  • 5. 
    In accounting, Debit (Dr) means which side of a ledger account?
    • A. 

      Left

    • B. 

      Middle

    • C. 

      Right

    • D. 

      Lower

  • 6. 
    To increase an Asset, you Debit the account? State true or false. 
    • A. 

      True

    • B. 

      False

  • 7. 
    Profit is equal to:
    • A. 

      Income minus expenses

    • B. 

      Receipts minus expenditures

    • C. 

      Inflows minus outflows

    • D. 

      Revenue minus expenses

  • 8. 
    Which financial statement will tell you how profitable a company is?
    • A. 

      Income statement

    • B. 

      Cash flow statement

    • C. 

      Balance sheet

    • D. 

      All of the above

  • 9. 
    Complete the sentence- 'Debit the receiver and credit the ________'.
    • A. 

      Creditor

    • B. 

      Giver

    • C. 

      Debtor

    • D. 

      Bad debts

  • 10. 
    A periodical bookkeeping worksheet is _____________. 
    • A. 

      Trial balance

    • B. 

      Balance sheet

    • C. 

      Single-entry bookkeeping

    • D. 

      Profit and Loss Statement

×

Wait!
Here's an interesting quiz for you.

We have other quizzes matching your interest.