Chart Of Accounts: Trivia Quiz!

15 Questions | By Cbardy | Last updated: Mar 21, 2022 | Total Attempts: 256

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Have you ever heard of the chart of accounts? A chart of accounts is a list of financial accounts set up, usually by an accountant, for a corporation and available for the bookkeeper's use for recording transactions in the general ledger. Accounts may be added in the charts as needed and not be eliminated, especially if a transaction was posted to the account. Take this quiz and find out if your knowledge of the chart of accounts adds up.

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 withdraws business funds for personal use. What category is this?
- A.
  
  Equity
- B.
  
  Liabilities
- C.
  
  Expenses