Chart Of Accounts Quiz

15 Questions | By Beginbookkeep | Updated: Mar 22, 2022 | Attempts: 1920

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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