Basic Accounting Quiz! Trivia Exam

12 Questions | By Pabloapx | Updated: Mar 22, 2022 | Attempts: 293

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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