This quiz for Prelim Accounting1-1st Semester SY 2018-2019 assesses knowledge of basic accounting principles, financial statements, and the accounting equation. It is designed to test the understanding of key accounting concepts and their application in financial decision-making.
True
False
Rate this question:
P20,000
P 6,000
P26,000
P14,000
Rate this question:
Unearned expense
Prepaid expense
Liability
Unearned asset
Rate this question:
Cash and receivables
Cash and payables
Land and Building
Retained earnings
Rate this question:
Revenue
Assets
Sources of fund
Liability
Rate this question:
Increase an Asset Account
Decrease a Liablility Account
Increase a Liability Account
Decrease an Owner's Equity
Rate this question:
True
False
Rate this question:
No, there are sometimes good reasons why they differ
Yes, except where the trial balance is extracted at the year end
Yes, always
No, because it is not a balance sheet
Rate this question:
Asset
Owner's Equity (Capital)
Liability
Revenue & Expenses
Rate this question:
Revenue
Purchases
Asset
Expenses
Rate this question:
Unearned expense
Prepaid expense
Accrued expense
Accrued revenue
Rate this question:
Prepared by the Manager
Closing entries
Prepared at the beginning of the accounting period to update all accounts.
Prepared at the end of the accounting period to update certain accounts.
Rate this question:
To update the accounts in the books
To apply the matching principle
To properly reflect the the correct net income
To make the equation A=L+C more accurate
All of the above
Rate this question:
Expense
Liability
Asset
Contra asset
Rate this question:
Adjustments
Unadjusted trial balance
Ledger
Adjusted trial balance
Rate this question:
Before it has been earned
When the cash is received
When it has been earned
Whenever the company needs to record the revenue
Rate this question:
Contra-expense account
Liability account
Contra-asset account
Expense account
Rate this question:
P0
P5,000
P10,000
P15,000
Rate this question:
P1800
P3600
P5400
P0
Rate this question:
When the cash is collected, regardless of when the services are performed
When the services are performed, regardless of when the cash is received
Either when the cash is received or the sale is made
Rate this question:
Debit supplies of P150 and a credit of P150 to Supplies Expense
Debit supplies Expense of P150 and a credit of P150 to Supplies
Debit supplies Expense of P650 and a credit of P650 to Supplies
There is not enough information given to prepare the entry
Rate this question:
P0
P900
P4500
P5400
Rate this question:
Be classsified as a long term liability
Not be separated from the long term portion of debt
Be paid immediately
Be reclassified as a current liability
Rate this question:
Accumulated Depreciation
Equipment
Depreciation Expense
Depreciation Payable
Rate this question:
P9000
P6000
P3000
P0
Rate this question:
Recording all revenues when cash was received
Applying the matching rule
Recognizing expense when incurred
Adjusting the accounts
All of the above
Rate this question:
Quiz Review Timeline (Updated): Mar 21, 2023 +
Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.
E-Quiz On Acc & Bst
This E-Quiz on Accounting and Business Studies assesses key financial concepts such as asset liquidity, accounting principles, and transaction recording. It is designed to enhance...
Questions:
25 |
Attempts:
126 |
Last updated:
Jan 18, 2023
|
Finance And Commerce Exams Practice Quiz
Here we are with a finance and commerce exams practice quiz. Everybody gets pre-exam jitters especially when you are studying finance. Accounting is an essential department in...
Questions:
175 |
Attempts:
214 |
Last updated:
Jan 10, 2024
|
Accounting Review Quiz For Final Project
The Accounting Review Quiz for Final Project assesses understanding of fundamental accounting principles. It includes evaluating the basic accounting equation, analyzing balance...
Questions:
5 |
Attempts:
151 |
Last updated:
Apr 23, 2024
|
Accounting Exam: Basic Principles! Quiz
There are some basic principles that every accountant needs to be aware of when it comes to accounting practices. Have you just begun your accounting course and have the final...
Questions:
7 |
Attempts:
2686 |
Last updated:
Mar 21, 2023
|
Accounting Principle Trivia Questions
Welcome to the Accounting principle trivia questions. Every person who is studying and want to become a practicing accountant. Then it is expected to know the basic accounting...
Questions:
20 |
Attempts:
1282 |
Last updated:
Nov 16, 2023
|
Pretest Vol 1. Accounting Principles And Contingency
Pretest Vol 1: Accounting Principles and Contingency assesses knowledge on accounting processes at base level, use of accounts receivable sales codes, fund reservation practices,...
Questions:
18 |
Attempts:
64 |
Last updated:
Jun 19, 2023
|
Wait!
Here's an interesting quiz for you.