Accounting Quizzes & Trivia
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Questions: 8 | Attempts: 17708 | Last updated: Sep 14, 2020
Questions: 10 | Attempts: 6929 | Last updated: Jun 25, 2020
Questions: 10 | Attempts: 7218 | Last updated: Jun 16, 2020
Questions: 25 | Attempts: 2076 | Last updated: Jan 29, 2013
Questions: 14 | Attempts: 680 | Last updated: Oct 18, 2019
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: 17708 | Last updated: Sep 14, 2020
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Sample QuestionWhat is stockholders' equity?
Questions: 10 | Attempts: 6929 | Last updated: Jun 25, 2020
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Sample QuestionA source document is:
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: 7218 | 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?
This quiz is to help you understand and enchance your learning of Chapter 1 Introduction to...
Questions: 25 | Attempts: 2076 | Last updated: Jan 29, 2013
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Sample QuestionThe Accounting Equation is
1. Define accounting and know its purpose.
2. Differentiate the types of business organizations.
3. Distinguish the different types of business operations.
4. Know and appreciate the basic accounting principles used in the...
Questions: 14 | Attempts: 680 | Last updated: Oct 18, 2019
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Sample QuestionAll business transactions that will be entered in the accounting records must be fully supported by verifiable evidence.
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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
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
Study guide for test # 1 in managerial accounting, chapters 1-3.
Questions: 20 | Attempts: 1862 | Last updated: Aug 21, 2018
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Sample QuestionWhich of the following is NOT true regarding ERP?
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Questions: 50 | Attempts: 1470 | Last updated: Sep 15, 2020
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Sample QuestionBills Payable A/c is shown in the balance sheet under the head.
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
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: 35 | Attempts: 1089 | Last updated: Jun 26, 2020
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Sample QuestionWhat is another term used by accountants for the word "assets?"
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.
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: 1019 | Last updated: Oct 19, 2020
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Sample QuestionWhen preparing a bank reconciliation, which of the following items should be subtracted from the bank balance?
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?
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 | Last updated: Aug 14, 2018
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Sample QuestionWhich of the following is/are a purpose of adjusting entries?
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: 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.
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 | Last updated: Feb 26, 2019
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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 | 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).
An accountant's main task is to ensure all transactions undertaken by a company are correctly documented. There are different books of accounts where an entry can be made, but one needs to know how some values can be...
Questions: 18 | Attempts: 588 | Last updated: Oct 5, 2020
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Sample QuestionOn January 1, 2006, Mammoth Corporation had retained earnings of $4,000,000. During 2006, they had a net income of $750,000 and dividends of $100,000. What is the amount of Mammoth's retained earnings at the end of 2006?
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 | Last updated: Jul 27, 2020
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Sample QuestionWhich comes third in the flow of costs?
Questions: 13 | Attempts: 531 | Last updated: Feb 15, 2013
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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 | Last updated: Aug 1, 2018
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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 | Last updated: Jan 24, 2013
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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:
International accounting test: trivia quiz. Almost every business has an accounting function and this is why there are international standards on how certified accountants are expected to prepare statements no matter where they...
Questions: 80 | Attempts: 489 | Last updated: Sep 2, 2020
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Sample QuestionWhat is a foreign currency transaction?
Choose the right answer
Questions: 20 | Attempts: 426 | Last updated: Jan 15, 2013
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Sample QuestionIn a perpetual inventory system, the cost of inventory sold is
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 | Last updated: Jul 4, 2018
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Sample QuestionIf goods in transit are shipped FOB destination,
Questions: 25 | Attempts: 376 | Last updated: Jan 24, 2013
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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:
