Accounting Quizzes & Trivia
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Questions: 41 | Attempts: 57421 | Last updated: Nov 16, 2020
Questions: 8 | Attempts: 19726 | Last updated: Sep 14, 2020
Questions: 10 | Attempts: 8654 | Last updated: Jan 4, 2021
Questions: 50 | Attempts: 3094 | Last updated: Sep 15, 2020
Questions: 10 | Attempts: 8759 | Last updated: Jun 16, 2020
Questions: 41 | Attempts: 57421 | Last updated: Nov 16, 2020
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Sample QuestionThe purpose of the Conceptual Framework is:
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: 19726 | Last updated: Sep 14, 2020
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Sample QuestionWhat is stockholders' equity?
Questions: 10 | Attempts: 8654 | Last updated: Jan 4, 2021
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Sample QuestionA source document is:
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Questions: 50 | Attempts: 3094 | Last updated: Sep 15, 2020
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Sample QuestionBills Payable A/c is shown in the balance sheet under the head.
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: 8759 | Last updated: Jun 16, 2020
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Sample QuestionWhich financial statement displays the revenues and expenses of a company for a period of time?
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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?
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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
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Questions: 20 | Attempts: 3723 | Last updated: Feb 12, 2021
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Sample QuestionWhich of the following is NOT true regarding ERP?
Questions: 25 | Attempts: 2457 | Last updated: Feb 12, 2021
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Sample QuestionThe Accounting Equation is
The accounts department is one of the most important in an organization. An organization has a lot of transactions that lead to a change in the status of a company. Today we covered how to adjust different entries in the...
Questions: 40 | Attempts: 2282 | Last updated: Jan 5, 2021
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Sample QuestionWhich of the following is/are the purpose of adjusting entries?
Accounting is one of the important functions in any business as it helps to trace how funds are used and the effect of the transaction on the financial position of a business. How skilled do you think you are as an accountant?...
Questions: 14 | Attempts: 2071 | Last updated: Oct 5, 2020
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Sample QuestionUsers of financial reports include all of the following except
There are some basic principles that every accountant needs to be aware of when it comes to accounting practices. Have you just begun your accounting course and have the final exam in less than a week? If so, then this Accounting...
Questions: 7 | Attempts: 1700 | Last updated: Oct 22, 2020
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Sample QuestionPlanning, recording, analyzing, and interpreting financial information is called...
Welcome to part II of A Quick Accounting Knowledge Quiz. Book keeping is very essential to any business that wants to keep track of its costs and income. The process does not look so complicated in a sole proprietorship when...
Questions: 8 | Attempts: 1458 | Last updated: Sep 14, 2020
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Sample QuestionBookkeeping is a systematic method of recording the __________ in the books of accounts
Welcome to chapter 4 of the Accounting 201 quiz. There are some rules that every accountant should follow when preparing financial statements and are laid down in form of concepts. Are you familiar with the basic accounting...
Questions: 31 | Attempts: 1431 | Last updated: Dec 24, 2020
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Sample QuestionWhen preparing a bank reconciliation, which of the following items should be subtracted from the bank balance?
Questions: 16 | Attempts: 1398 | Last updated: Feb 12, 2021
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Sample QuestionPlanning, recording, analyzing, and interpreting financial information.
Can you answer these accounting questions, and would you be able to pass this quiz? Accounting is recording financial transactions and storing, sorting, retrieving, summarizing, and presenting the results in various reports and...
Questions: 35 | Attempts: 1340 | Last updated: Feb 25, 2021
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Sample QuestionWhat is another term used by accountants for the word "assets?"
Financial Accounting means to analyze, summarize, and record financial transactions as well as to show an accurate picture of the financial affairs of the company. This basic quiz has been developed to test your knowledge of...
Questions: 10 | Attempts: 1210 | Last updated: Jun 16, 2020
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Sample QuestionHow is the income statement affected when a company issues stock?
Questions: 24 | Attempts: 1193 | Last updated: Feb 12, 2021
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Sample QuestionWhich of the following statements is/are true?I. Accounting is a service activity intended to fulfill a useful function in societyII. Accounting involves the art of recording, classifying and summarizing transaction and events, and interpreting the results thereof.III. Accounting is an art but not a scienceIV. Accounting provides quantitative financial information intended to be useful in making economic decisions
Questions: 10 | Attempts: 1086 | Last updated: Feb 12, 2021
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Sample QuestionWhat is the basic principle for measuring inventories?
Closing entries are like the finale to all financial reporting books. This is where journal entries meet at the end of the accounting period to transfer both permanent and temporary accounts. Did you understand how this...
Questions: 9 | Attempts: 1065 | Last updated: Jul 4, 2018
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Sample QuestionPermanent accounts are found on the Balance Sheet section of the work sheet.
Questions: 14 | Attempts: 920 | Last updated: Feb 12, 2021
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Sample QuestionWhat are the two key criteria for an item of property, plant & equipment to be “recognized” as an asset?
Quiz: will you pass this accounting test? One of the main rules for every accounting transaction is that for every debit in one account, there must be a corresponding credit in another account. The quiz below is designed to help...
Questions: 10 | Attempts: 862 | Last updated: Feb 12, 2020
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Sample QuestionWhat does DEBIT mean?
During the manufacturing of a product, different factors go into choosing what input to use during manufacturing a product. Take up this quiz on overhead costs when it comes to job costing and see if you are prepared for the...
Questions: 11 | Attempts: 782 | Last updated: Jan 5, 2021
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Sample QuestionWhich comes third in the flow of costs?
Are you familiar with FBLA accounting? The is an American career and technical student association headquartered in Reston, Virginia, which is The Future Business Leaders of America-phi Beta Lambda or FBLA-PBL. . It was...
Questions: 40 | Attempts: 781 | Last updated: Feb 25, 2021
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Sample QuestionWhen a business uses a petty cash fund, the fund is debited each time it is replaced.
Welcome to the Accounting principle trivia questions. Every person who is studying and want to become a practicing accountant. Then it is expected to know the basic accounting principles by heart as they serve as a guideline on...
Questions: 20 | Attempts: 768 | Last updated: Sep 27, 2019
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Sample QuestionThe main purpose of cost accounting is to
Questions: 13 | Attempts: 738 | Last updated: Feb 12, 2021
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Sample QuestionA U.S. company has many foreign subsidiaries and wants to convert its consolidated financial statements from U.S. GAAP to IFRS. Which of the following items is not one of the likely accounting issues to resolve for the opening IFRS balance sheet?
Questions: 10 | Attempts: 680 | Last updated: Apr 13, 2020
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Sample QuestionThese are items that will be held for more than one year and include the following: equipment, trucks, and buildings.
The accounting midterm exam is coming up and as promised these quiz consists of the first five true or false questions you will be expected to answer on 19/3/2918. Give them a try and continue with your revision for the...
Questions: 5 | Attempts: 621 | Last updated: Aug 1, 2018
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Sample QuestionThe accounting standard setting authority for the federal government is the Governmental Accounting Standards Board (GASB).