Top Accounting Quizzes & Trivia

Do you think you are ready for our accounting quiz? Accountancy is a well respected profession and one which requires skill and vigilance, the qualities you will need for this quiz! What is accounting the language of? Who are the Big Four? Where did accounting first emerge? What was the Enron scandal? Can you name three different subfields of accounting? What is the difference between auditing and taxation? Do you think you know the answers to the questions?

These are just a sample of the questions you will face in our accounting quiz! So get your pen and paper out, maybe do a few calculations test yourself now! Do the right calculations and you may well come out on top! We wish you luck!

Topics

Accounting Principle

Financial Accounting

Intermediate Accounting

Accounting Questions and Answers

What is stockholders equity?

sales of products or services

owners' claims to resources

resources owned

costs of selling products or services

amounts owed

Accounting question from

Accounting, Test 1

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Whats revenue?

costs of selling products or services

expense to run business

sales of products or services

distributions to stockholders

Assets purchased to run business

Accounting question from

Accounting, Test 1

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What are expenses?

costs of selling products or services

Sales of products or services

Amounts owed

Distributions to stockholders

Owners' claims to resources

Accounting question from

Accounting, Test 1

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Which of the following is NOT true regarding ERP?

It integrates traditional accounting information systems with other information systems.

It can be customized to provide specific and relevant information to different types of users.

It has evolved in the past few years to address the shortcomings of traditional accounting information systems.

It captures quantitative but not qualitative information.

Accounting question from

Managerial Accounting

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ERP systems capture:

only qualitative data

only quantitative data

both qualitative and quantitative data

the same information as a traditional accounting system

Accounting question from

Managerial Accounting

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An example of QUALITATIVE data is:

product cost

customer satisfaction

net income

operating costs

Accounting question from

Managerial Accounting

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Permanent accounts are found on the Balance Sheet section of the work sheet.

True

False

Accounting question from

Accounting Chapter 10-Quiz

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Income Summary has a normal debit balance.

True

False

Accounting question from

Accounting Chapter 10-Quiz

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Closing or clearning accounts refers to forcing temporary accounts to have zero balances.

True

False

Accounting question from

Accounting Chapter 10-Quiz

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Which of the following is/are a purpose of adjusting entries?

To update the accounts in the books

To apply the matching principle

To properly reflect the the correct net income

To make the equation A=L+OE more accurate

All of the above

Accounting question from

Accounts Adjusting Entries Quiz

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Which of the following is an adjunct account?

Purchase Returns and Allowances

Sales Returns and Allowances

Accumulated Depreciation

Premium on Bonds

Purchase Discount

Accounting question from

Accounts Adjusting Entries Quiz

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When using the periodic inventory system, the main reason for the adjusting the asset account Merchandise Inventory in two steps is

to record an accurate amount of inventory on the balance sheet

that both the beginning and ending inventory amounts must appear as separate figures on the income statement.

to make adjustments for losses due to error, shrinkage or theft

all of these

none of these

Accounting question from

Accounts Adjusting Entries Quiz

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