Chart Of Accounts Quiz

15 Questions | Total Attempts: 844

SettingsSettingsSettings
Please wait...
Graph Quizzes & Trivia

Questions and Answers
  • 1. 
    The chart of accounts has a list of:-
    • A. 

      Names of customers and suppliers

    • B. 

      General ledger account names and numbers

    • C. 

      Names of each inventory item

  • 2. 
    Name the five main categories that the ledger accounts are grouped under:-
    • A. 

      Assets, credit cards, liabilities, money, contact cards

    • B. 

      Assets, production, bank register, purchases, sales

    • C. 

      Assets, liabilities, equity, income, expenses

  • 3. 
    Which category usually has (but not always!) the most accounts?
    • A. 

      The banking corporation

    • B. 

      The 10 richest people of the world

    • C. 

      Expenses

  • 4. 
    What equation does the chart of accounts tie-in with?
    • A. 

      Accounting equation

    • B. 

      Wave equation

    • C. 

      The origin of complex numbers

  • 5. 
    You can split a category into manageable sub-groups?
    • A. 

      True

    • B. 

      False

  • 6. 
    Which category do you think an insurance loan would go under?
    • A. 

      Assets

    • B. 

      Liabilities

    • C. 

      Expenses

  • 7. 
    Under which category do you think a new, high cost computer would go ?
    • A. 

      Expenses

    • B. 

      Income

    • C. 

      Assets

  • 8. 
    Which category do you think business Travel & Accommodation costs would go under?
    • A. 

      Expenses

    • B. 

      Liabilities

    • C. 

      Equity

  • 9. 
    Which category do you think wages would go under?
    • A. 

      Equity

    • B. 

      Expenses

    • C. 

      Income

  • 10. 
    Which category do you think the website development costs would go under?
    • A. 

      Assets

    • B. 

      Equity

    • C. 

      Expenses

  • 11. 
    A customer pays a deposit for work not yet started. Where does this go?
    • A. 

      Income

    • B. 

      Assets

    • C. 

      Equity

  • 12. 
    You buy products (stock) to sell to customers – what category do stock purchases go under?
    • A. 

      Expenses

    • B. 

      Liabilities

    • C. 

      Assets

  • 13. 
    The business owner uses business funds to pay his son’s school fees. What category is this?
    • A. 

      Equity

    • B. 

      Liabilities

    • C. 

      Expenses