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Accounting Questions & Answers
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 a source document?
1. The origin of the information that is recorded into the accounting books
What is planning, recording, analyzing, and interpreting financial information called?
Why? Could you please explain your reasoning and expand on your thought process so we can understand why this is the correct answer?
What is the difference between Accounting and Economic Profit?
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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
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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
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Sample QuestionHow is the income statement affected when a company issues stock?
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
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Sample QuestionPermanent accounts are found on the Balance Sheet section of the work sheet.
The accounts department is one of the most important in an organization. An organization has a lot of transaction that lead to change the status of a company. Today we covered how to adjust different entries in the books of...
Questions: 40 | Attempts: 860
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Sample QuestionWhich of the following is/are a purpose of adjusting entries?
Questions: 10 | Attempts: 812
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Sample QuestionWhat does DEBIT mean?
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
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Sample QuestionThe main purpose of cost accounting is to
Chapter 1 Accounting Questions. using for self-study.
Questions: 14 | Attempts: 719
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Sample QuestionUsers of financial reports include all of the following except
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 compared to a large company. Test your knowledge of book...
Questions: 5 | Attempts: 698
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Sample QuestionBook keeping is a systematic method of recording the __________ in the books of accounts
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: 636
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Sample QuestionPlanning, recording, analyzing, and interpreting financial information is called...
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
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Sample QuestionThe accounting standard setting authority for the federal government is the Governmental Accounting Standards Board (GASB).
During manufacturing of a product different factors go into choosing what input to use during the manufacturing of a product. Take up this quiz on overhead costs when it comes to job costing and see if you are prepared for...
Questions: 11 | Attempts: 564
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Sample QuestionWhich comes third in the flow of costs?
Questions: 13 | Attempts: 531
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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?
Are you looking for revision material for the upcoming accounting exam? This quiz is the fifth in a collection of practice quizzes that ensure your chances of failing are next to nil. Continue taking them and note down the...
Questions: 10 | Attempts: 512
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Sample QuestionIn the United States, foreign companies filing annual reports with the SEC that are not prepared in accordance with U.S. GAAP must:
Questions: 30 | Attempts: 510
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Sample QuestionA document which is used to track how much an employee works on each job in a factory is called the:
Choose the right answer
Questions: 20 | Attempts: 426
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Sample QuestionIn a perpetual inventory system, the cost of inventory sold is
As an accounting student you need to ensure that you are up to date with what you cover in class every day. Having just finished up topic four, this first quiz here helps you review all the topics and highlights what you need...
Questions: 18 | Attempts: 426
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Sample QuestionOn January 1, 2006 Mammoth Corporation had retained earnings of $4,000,000. During 2006, they had net income of $750,000 and dividends of $100,000. What is the amount of Mammoth's retained earnings at the end of 2006?
Exams give everyone a thought that they are not fully prepared. Having done a mock exam in class in preparation for the finals this review questions cover some concepts that you should ensure you understand fully. Give it a...
Questions: 5 | Attempts: 410
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Sample QuestionIf goods in transit are shipped FOB destination,
Questions: 25 | Attempts: 376
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Sample QuestionWhen the firm tests 9,000 components during the month, based on the information in Table M4-1, the amount of overhead applied during the period for the quality pool is:
This quiz is intended to find out how much the students know about business from their daily experiences.
Questions: 3 | Attempts: 366
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Sample QuestionWhat is the primary reason why businesses are setup?
If you are planning to be a successful accountant you must ensure you have all the vocabularies used in the field in your mind together with the meanings. Do you believe you know them all? Take up this very easy quiz and...
Questions: 16 | Attempts: 363
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Sample QuestionPlanning, recording, analyzing, and interpreting financial information
What you see here is what is known as the Ultimate accounting quiz and most of the people who gunner over half the marks have what it takes to be certified in the field. Do you think you have what it takes to tackle it? Well,...
Questions: 34 | Attempts: 354
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Sample QuestionWhich of these is not included as a separate item in the basic accounting equation?
Questions: 25 | Attempts: 349
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Sample QuestionThe salary of a corporate office security guard is considered a(n):
Take this quiz to test your knowledge of basic Accounting principles.
Questions: 5 | Attempts: 343
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Sample QuestionSomething that you own is called a(n)
Practical accounting 1
Questions: 5 | Attempts: 340
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Sample Question1. Alpha Company provided the following information relating to the current year: Net income 3,500,000 Unrealized gain on available for sale securities 250,000 Foreign currency translation adjustment – credit 50,000 Revaluation surplus 1,000,000
Choose the answer. True or False
Questions: 15 | Attempts: 339
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Sample QuestionCash equivalents would include investments in marketable equity securities as long as management intends to sell the securities in the next three months.
Questions: 25 | Attempts: 336
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Sample QuestionBased on the information in Table M5-2, assuming Laramie Tack & Saddle uses the high-low method to separate mixed costs, if the company processes 4,100 packages during July, the total variable cost will be:
Questions: 18 | Attempts: 315
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Sample QuestionThe SEC has usually restricted its role in establishing accounting principles to
Questions: 25 | Attempts: 307
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Sample QuestionTraditionally, financial accounting information has focused primarily on:
Financial Accounting means to analyze, summarize, and record financial transactions as well as to show an accurate picture of financial affairs of the company. This quiz has been developed to test your knowledge of Financial...
Questions: 9 | Attempts: 305
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Sample QuestionLike other governmental funds, proprietary funds have no emphasis on income measurement.
T.t.t.t.t .t. .t. t. .t .t.
Questions: 60 | Attempts: 299
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Sample QuestionUnder U.S. tax laws, how are taxes paid by U.S. corporations to foreign governments treated?
Test your knowledge of:
IAS
16, Property Plant & Equipment
IAS
38, Intangible Fixed AssetsIAS 36, Impairment of Assets
IAS
40, Investment Property
IAS
17, LeasesIAS 2, Inventories
Questions: 14 | Attempts: 298
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Sample QuestionWhat are the two key criteria for an item of property, plant & equipment to be “recognised” as an asset? (IAS 16)
