Financial Accounting Quiz Questions And Answers
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Understanding the nitty-gritty of financial accounting can be tricky! We are here to help! This 'Financial Accounting Quiz Questions And Answers' will test your basic knowledge of the subject. Make sure to pick the correct option from the options given below for a good score. Let's see how well you perform! You can take this quiz for excellent test preparation! We wish you all the very best and hope you keep studying hard. Share the quiz with your friends for knowledge!
- 1.These are economic resources with the ability or potential to provide future benefits?
- A.
Assets
- B.
Liabilities
- C.
Shareholder's Equity
- D.
Retained Earnings
- 2.When revenue generated is greater than overall expenses, you have a ___?
- A.
Net Loss
- B.
Net Income
- C.
Contributed Capital
- D.
Historical Valuation
- 3.Assets - Liabilities = ____?
- A.
Net Income
- B.
Revenue
- C.
Net Loss
- D.
Shareholder's Equity
- 4.Which financial statement shows the results of the operating activities of a firm for a specific period of time?
- A.
Trial Balance
- B.
Balance Sheet
- C.
Income Statement
- D.
Statement Of Cash Flows
- 5.This statement reports the net cash flows relating to operating, investing, and financing activities for a period of time?
- A.
Income Statement
- B.
Unadjusted Trial Balance
- C.
Statement Of Cash Flows
- D.
Comparative Balance Sheet
- 6.The government agency that has full authority to set working accounting methods in the U.S is?
- A.
FAA
- B.
FASB
- C.
SEC
- D.
EEOC
- 7.The amount of cash paid in acquiring an asset is called what?
- A.
Present Value
- B.
Historical Value
- C.
Net Realizable Value
- D.
Current Replacement Cost
- 8.Which is an example of an intangible asset?
- A.
Cash
- B.
Tools & Equipment
- C.
Supplies
- D.
Patent
- 9.Earnings that a firm realizes in excess of dividends are called what?
- A.
Income Statement
- B.
Revenues
- C.
Retained Earnings
- D.
Expenses
- 10.A ____ lists each of the accounts in the general ledger with its balance as of a particular date. What is it?
- A.
Statement Of Retained Earnings
- B.
Balance Sheet
- C.
Trial Balance
- D.
General Journal