Accounting is one of the most needed and well sought after careers. Every business be it small or large needs an accountant. The quiz below is designed to see how knowledgeable you are when it comes to some basic accounting practices. Give it a try and all the best in your studies.
Assessing creditworthiness of new or potential customers
Very loose or flexible credit terms to encourage sales
Offering discounts to encourage faster payment
Regular aged receivables analysis
Money market chequing accounts
Certificates of deposit (CDs)
Travel advances to employees
Postdated cheques
A current asset.
A contra account.
A non-current asset.
A current liability.
Account receivable.
Bank overdraft.
Compensating balance.
Restricted cash.
Loans receivable.
Trade receivables.
Notes receivable.
Nontrade receivables.
Avoid frequent changes in catalogues.
Quote different prices for different quantities purchased.
Encourage faster payment.
Hide the true invoice price from competitors.
Option 1
Option 2
Option 3
Option 4