Chart Of Accounts Quiz
15 Questions
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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.
- A.
Assets
- B.
Equity
- C.
Expenses
- 11.
- 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
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