Wyrnkaa - Chapter 1 And 2 Review Questions

5 Questions | By Nfapublishing | Updated: Mar 20, 2022 | Attempts: 93

Share

Accounting Quizzes & Trivia

This quiz will test your understanding of the material covered in the first two chapters of "What You Really Need to Know About Accounting"

Questions and Answers

1.

Accounts are made up of:
- A.
  
  Income Statements
- B.
  
  Transactions
- C.
  
  Balance Sheets
- D.
  
  Receipts
2.

Financial Statements are made up of:
- A.
  
  Bank Statements
- B.
  
  ATM Receipts
- C.
  
  Debits
- D.
  
  Account Balances
3.

The three principal financial statements are:
- A.
  
  Balance Sheet, Income Statement, General Ledger Statement
- B.
  
  Balance Sheet, Income Statement, Statement of Cash Flows
- C.
  
  Trial Balance Statement, Income Statement, Statement of Cash Flows
- D.
  
  Trial Balance Statement, General Ledger Statement, Statement of Earnings
4.

Generally Accepted Accounting Principles (GAAP) govern:
- A.
  
  The presentation of financial information on the financial statements
- B.
  
  Which accounting software a business can use
- C.
  
  The number of bank accounts a business can have
- D.
  
  All of the above
5.

You cannot understand financial statements without understanding how to record debits and credits.
- A.
  
  True
- B.
  
  False

Related Topics

Recent Quizzes

Management Financial And Cost Accounting MCQs With Answers Management Financial And Cost Accounting MCQs With Answers

FINANCIAL ACCOUNTING SSS 1 FINANCIAL ACCOUNTING SSS 1

Financial Accounting Practice Exam Quiz! Financial Accounting Practice Exam Quiz!

SAP S/4HANA for Financial Accounting Associates - Mini SAP S/4HANA for Financial Accounting Associates - Mini

C_TS4FI_1809 - SAP Certified Application Associate - SAP S/4HANA for Financial Accounting Associates (SAP S/4HANA 1809) C_TS4FI_1809 - SAP Certified Application Associate - SAP S/4HANA for Financial Accounting Associates (SAP S/4HANA 1809)

Accounting Concepts Test Quiz! Trivia Accounting Concepts Test Quiz! Trivia

Accounting Concepts Quiz! Trivia Knowledge Accounting Concepts Quiz! Trivia Knowledge

Chapter 11: Managing Current Asset Chapter 11: Managing Current Asset

Financial Accounting: Sales, Marketing And Customer Service Quiz! Financial Accounting: Sales, Marketing And Customer Service Quiz!

Featured Quizzes

Data privacy quiz questions and answers Data privacy quiz questions and answers

Memorial Day Trivia Quiz for Kids Memorial Day Trivia Quiz for Kids

Quiz: Which Animal Can Be Your Fursona? Quiz: Which Animal Can Be Your Fursona?

Quiz: What Book Genre Is Right For You? Quiz: What Book Genre Is Right For You?

Memorial Day Quiz To Test Your Basic Knowledge Memorial Day Quiz To Test Your Basic Knowledge

Quiz: Which emotion best describes you? Quiz: Which emotion best describes you?

Popular Topics

+ Show more

Back to Top

Back to top

Back to Top

Back to top

×

Wait!
Here's an interesting quiz for you.

Basic Accounting Quiz Questions and Answers