Account Quizzes & Trivia

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Questions: 5  |  Attempts: 172   |  Last updated: Dec 30, 2020
  • Sample Question
    A company purchases all goods on credit. The following payables ledger control account contains some errors: Payables ledger control account Debit             $ Purchases 963,200 Discounts received 12,600 Contras with amounts receivable in receivables ledger 4,200 Closing balance 410,400 –––––––– 1,390,400 ———— Credit                         $ Opening balance 384,600 Cash paid to suppliers 988,400 Purchases returns 17,400 –––––––– 1,390,400 ———— What should the closing balance be when the errors have been corrected?

Questions: 8  |  Attempts: 340   |  Last updated: Dec 30, 2020
  • Sample Question
    The responsibility for collecting a direct billing lies with:

Questions: 10  |  Attempts: 125   |  Last updated: Dec 30, 2020
  • Sample Question
    Operating equipment?


Questions: 10  |  Attempts: 763   |  Last updated: Dec 30, 2020
  • Sample Question
    A company has adopted Statement of Financial Accounting Standards No. 115, Accounting for Certain Investments in Debt and Equity Securities (as amended by SFAS 130). It should report the marketable equity securities that it has classified as trading at:

Questions: 20  |  Attempts: 565   |  Last updated: Dec 30, 2020
  • Sample Question
    Regulation T applies to which of the following? a. Municipal securities b. Securities listed on a registered stock exchange c. Securities listed on Nasdaq d. U.S. Treasury

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