Financial Accounting Quiz

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1.
Every transaction will have one account being credited and one account being___________.
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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.

2.
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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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