Basic Accounting Quiz! Trivia Exam

12 Questions | Total Attempts: 215

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Basic Accounting Quizzes & Trivia

Questions and Answers
  • 1. 
    What is the normal balance for an expense account?
    • A. 

      Credit

    • B. 

      Debit

    • C. 

      I don't care

    • D. 

      None of the above

  • 2. 
    A_______ lists each of the accounts in the general ledger with its balance as of a particular date.
  • 3. 
    When revenues are greater than expenses you have _______.
  • 4. 
    An Owner's Equity Statement is used to report a business's financial progress.
    • A. 

      True

    • B. 

      False

  • 5. 
    Financial Statement that shows the Cost of Merchandise Sold.
    • A. 

      Adjusting Entries

    • B. 

      Balance Sheet

    • C. 

      Income Statement

    • D. 

      Owner's Equity Statement

  • 6. 
    To "Debit" an account means to add to it.
    • A. 

      True

    • B. 

      False

  • 7. 
    The act of transferring the information from the General Journal to General Ledger is called what?
    • A. 

      Journalizing

    • B. 

      Posting

    • C. 

      Adjusting Entries

    • D. 

      Income Statement

  • 8. 
    There are ____ columns in a Journal.
  • 9. 
    Checks are fun to do and you never get tired of doing them. 
    • A. 

      True

    • B. 

      False

  • 10. 
    What is the last thing you do before you finish journalizing?  
    • A. 

      Check the totals

    • B. 

      Start Posting

    • C. 

      Double rule

    • D. 

      Feel satisfied

    • E. 

      Owned

  • 11. 
    How do you write a worksheet?
    • A. 

      Marker

    • B. 

      Pen

    • C. 

      Pencil

    • D. 

      Paint

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