Grade 11 Accounting Review Trivia Quiz

10 Questions | Total Attempts: 4071

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Grade 11 Accounting Review Trivia Quiz

This is a brief quiz to review grade 11 accounting material.


Questions and Answers
  • 1. 
    Which of the following is not a feature of the Balance Sheet?
    • A. 

      Assets

    • B. 

      Liabilities

    • C. 

      Owner's Equity

    • D. 

      Expenses

  • 2. 
    A credit entry in the accounts would:
    • A. 

      Decrease an asset

    • B. 

      Increase a liability

    • C. 

      Increase the capital account

    • D. 

      All of above

    • E. 

      B and c only

  • 3. 
    • A. 

      Another name for a balance sheet

    • B. 

      A listing of account balances in a ledger to see if debits equal credits

    • C. 

      A statement showing profit for the fiscal year

    • D. 

      A check on the bank account balance

  • 4. 
    • A. 

      The difference between the total assets and total liabilities of a business

    • B. 

      A portion of total assets that has been bought using the owner’s money

    • C. 

      The amount of inventory bought using the owner’s money

    • D. 

      None of the above

  • 5. 
    • A. 

      The order in which the assets are converted into cash

    • B. 

      Their dollar value, with the highest value listed first

    • C. 

      Their dollar value, with the lowest value listed first

    • D. 

      None of the above

  • 6. 
    Which of the following is not a liability:
    • A. 

      Mortgage on building

    • B. 

      Bank loan on truck

    • C. 

      Accounts payable

    • D. 

      Accounts receivable

  • 7. 
    • A. 

      Assets increase: equity decreases

    • B. 

      Assets decrease: equity increases

    • C. 

      Assets decrease: equity unchanged

    • D. 

      Assets unchanged: equity unchanged

  • 8. 
    Which of the following reflects the effects on the accounting equation of a payment to creditors?
    • A. 

      Assets decrease: ownership interest decreases

    • B. 

      Assets decrease: ownership interest increases.

    • C. 

      Assets decrease: liabilities decrease

    • D. 

      Assets increase: liabilities decrease

  • 9. 
    The fundamental accounting equation is usually expressed as:
    • A. 

      Assets – liability = owner’s equity

    • B. 

      Assets = liability – owner’s equity

    • C. 

      Assets = liabilities + owners equity

    • D. 

      Owner’s equity = assets = liability

  • 10. 
    • A. 

      A listing of the account balances in a ledger

    • B. 

      A statement showing the financial position of a person, business or other organization

    • C. 

      A financial statement that summarizes the items of revenue and expense, and shows, the net income or net loss of a business for a given period of time

    • D. 

      All of the above