Accounting Quizzes & Trivia

Accounting is necessary to predict and measure the growth of a business. With the requirement of this important function for any business, you should stay abreast of the terms and formulas required for it. Try our interesting online accounting quizzes that will help you learn the basics with every question you attempt.

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Conceptual Framework Quiz: Exam

Questions: 41 | Attempts: 52101 | Last updated: Nov 16, 2020

Sample Question
The purpose of the Conceptual Framework is:

To assist the International Accounting Standards Board to develop IFRS Standards

To assist preparers of IFRS financial statements to develop consistent accounting policies when no IFRS Standard applies to a particular transaction or other event, or when a Standard allows a choice of accounting policy

To assist all parties to understand and interpret IFRS Standards

All of the above

A Quick Accounting Knowledge Quiz!

Are you ready for a quick account knowledge quiz? For a business to prosper, what they need most is funding which can come through investments, cash or selling their shares. What do you understand about these different types...

Questions: 8 | Attempts: 18813 | Last updated: Sep 14, 2020

Sample Question
What is stockholders' equity?

Sales of products or services

Owners' claims to resources

Resources owned

Costs of selling products or services

Amounts owed

Accounting Source Documents Quiz

Questions: 10 | Attempts: 7824 | Last updated: Jan 4, 2021

Sample Question
A source document is:

The origin of the information that is recorded into the accounting books

The origin of the information that is taken from the accounting books

Not the origin of information that is recorded into the accounting books

Fundamentals Of Accounting Test Quiz!

Accounting is a tool to record and analyze the financial condition and performance of the business. Some people simply can’t understand the stats and figures. But some possess deep knowledge and concepts about...

Questions: 10 | Attempts: 8086 | Last updated: Jun 16, 2020

Sample Question
Which financial statement displays the revenues and expenses of a company for a period of time?

Income Statement

Balance Sheet

Cash Flow Statement

Statement of Stockholder's Equity

Accounts Questions Test Quiz! Trivia

Questions: 50 | Attempts: 2340 | Last updated: Sep 15, 2020

Sample Question
Bills Payable A/c is shown in the balance sheet under the head.

Provision

Reserves & Surplus

Secured loans

Current liabilities

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financial accounting Financial Accounting Quizzes

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Accounting Questions & Answers

What are the entries to revenues accounts such as Service Revenues usually called?

The answer to this question is definitely CREDIT. Think about a cash sale. Your cash will increase, so you debit cash; therefore, your entry on the revenue side MUST be credit. Revenue is also on the right side of the Accounting equation, where it ro

What is the difference between CAT and AAT?

CAT and AAT are two different qualifications. However, many people don’t know their differences. CAT is the acronym for Chartered Certified Accountant, and AAT is the acronym for Association of Accounting Technicians. Although both qualificatio

What is the difference between Accounting and Economic Profit?

When you don't have more understanding about some business terms, you are very liable to misinterpret those terms. What most people know about profit is actually the gain an investor generated after a successful transaction. Some don't know there are

What is the difference between Non-Profit and Not-for-Profit?

There are various organizations that work for humanitarian or educational reasons. The profit, which is generally referred to as surplus that these establishments earn, is not distributed among the trustees and shareholders. The profit, which is also