Chart Of Accounts Quiz

15 Questions

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Graph Quizzes & Trivia

A chart can represent tabular numeric data, functions or some kind of qualitative structures and provides different information. For example the relationship between debtors and creditors changes can be explained in a graph or tabulation. The chart of accounts quiz can help you understand the relationship between various variables. Try it out and good luck.


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. 
    Match the following accounts to the category they should go in:-
    • A. Credit card
    • A.
    • B. Drawings
    • B.
    • C. Subscriptions
    • C.
    • D. Accounts receivable
    • D.
    • E. Sales
    • E.
  • 5. 
    What equation does the chart of accounts tie-in with?
    • A. 

      Accounting equation

    • B. 

      Wave equation

    • C. 

      The origin of complex numbers

  • 6. 
    You can split a category into manageable sub-groups?
    • A. 

      True

    • B. 

      False

  • 7. 
    Match the following categories to the accounts.
    • A. Asset
    • A.
    • B. Liability
    • B.
    • C. Equity
    • C.
    • D. Income
    • D.
    • E. Expense
    • E.
  • 8. 
    Which category do you think an insurance loan would go under?
    • A. 

      Assets

    • B. 

      Liabilities

    • C. 

      Expenses

  • 9. 
    Under which category do you think a new, high cost computer would go ?
    • A. 

      Expenses

    • B. 

      Income

    • C. 

      Assets

  • 10. 
    Which category do you think business Travel & Accommodation costs would go under?
    • A. 

      Expenses

    • B. 

      Liabilities

    • C. 

      Equity

  • 11. 
    Which category do you think wages would go under?
    • A. 

      Equity

    • B. 

      Expenses

    • C. 

      Income

  • 12. 
    • A. 

      Assets

    • B. 

      Equity

    • C. 

      Expenses

  • 13. 
    • A. 

      Income

    • B. 

      Assets

    • C. 

      Equity

  • 14. 
    You buy products (stock) to sell to customers – what category do stock purchases go under?
    • A. 

      Expenses

    • B. 

      Liabilities

    • C. 

      Assets

  • 15. 
    The business owner uses business funds to pay his son’s school fees. What category is this?
    • A. 

      Equity

    • B. 

      Liabilities

    • C. 

      Expenses