Financial Accounting Quiz

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1.
Every transaction will have one account being credited and one account being___________.
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About This Quiz
Financial Accounting Quizzes & Trivia

General Quiz on Finacial Accounting Knowledge for students at basic level. By taking this Quiz,surely you will feel somewhat better than before as you will gain some knowledge INSHA'ALLAH.

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2.
The accounting equation is Assets = ___________ + Stockholders' (or Owner's) Equity.
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3.
Matching, cost, and full disclosure are examples of the fundamental or basic accounting______________.
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4.
The profitability of a company for a specified period of time is reported on the___________ statement.
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5.
Large corporations must follow the ___________ basis of accounting..
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6.
_________ entry bookkeeping will result in at least two accounts being involved in every transaction.
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7.
Corporations whose stock is publicly traded must have their financial statements________ by independent certified public accountants.
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8.
Prepaid insurance is reported as an _________ on a company's balance sheet.
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9.
The acronym for the common rules and standards that companies must follow when preparing its external financial statements is ______.
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10.
The word "___________" is often in the title of liability accounts.
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11.
The first section of the statement of cash flows is the ____________ activities.
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12.
GAAP is the acronym for _________ _________ ___________ ___________.
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13.
The main components or elements of the income statement are ___________, expenses, gains, and losses.
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14.
FASB is the acronym for __________ ___________ ___________ ________.
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15.
The statement of cash flows explains the changes in cash and cash______________ during the specified time interval.
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16.
The non-government organization that researches and develops new accounting standards is the _______.
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17.
Financial accounting is focused on the __________ financial statements of a company.
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18.
SEC is the acronym for ____________ ____ ___________ _______________.
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19.
Financial statements report the fair market value of a company.
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20.
The U.S. government agency with authority over the financial reporting requirements of publicly traded corporations is the _______.
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Every transaction will have one account being credited and one account...
The accounting equation is Assets = ___________ +...
Matching, cost, and full disclosure are examples of the fundamental or...
The profitability of a company for a specified period of time is...
Large corporations must follow the ___________ basis of...
_________ entry bookkeeping will result in at least two accounts...
Corporations whose stock is publicly traded must have their financial...
Prepaid insurance is reported as an _________ on a...
The acronym for the common rules and standards that companies must...
The word "___________" is often in the title of liability...
The first section of the statement of cash flows is...
GAAP is the acronym for _________ _________ ___________...
The main components or elements of the income statement...
FASB is the acronym for __________ ___________ ___________...
The statement of cash flows explains the changes in cash and...
The non-government organization that researches and develops new...
Financial accounting is focused on the __________ financial statements...
SEC is the acronym for ____________ ____ ___________...
Financial statements report the fair market value of a company.
The U.S. government agency with authority over the financial reporting...
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