Accounting Quizzes, Questions & Answers

Recent Quizzes

This Multiple Choice Quiz focuses on inventory methods, assessing knowledge in FIFO, LIFO, and cost calculations under different systems. It is designed for learners to understand cost flow assumptions and their impact on...

Questions: 5 | Attempts: 1407 | Last updated: Mar 22, 2023

Sample Question
The inventory costing method that is based on the assumption that cost should be charged against revenue in the order in which they were incurred.

Fifo

Lifo

Average cost

Accounts Adjusting Entries Quiz Exam!

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: 5047 | Last updated: Mar 22, 2023

Sample Question
Which of the following is/are the 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 Quiz 1 Chapters 1-2

accounting quiz 1 chapters 1-2

Different costs are incurred during the manufacturing of products and are transferred to the consumer in the process. Do you have a good understanding of this cost and how do we account for them as accountants? Take up the...

Questions: 20 | Attempts: 159 | Last updated: Mar 19, 2023

Sample Question
What's another name for manufacturing costs?

Prime

Period

Product

Conversion

Accounting Test: Vocabulary Quiz!

Dive into the essentials of accounting with our 'Accounting Test: Vocabulary Quiz!' Designed to assess your understanding of key accounting concepts, this quiz covers topics from basic definitions to specific accounting...

Questions: 16 | Attempts: 3560 | Last updated: Mar 22, 2023

Sample Question
Planning, recording, analyzing, and interpreting financial information.

Accounting

Assets

Equities

International Accounting Quiz Exam!

Test your knowledge on international accounting practices with this quiz! Dive into U.S. tax laws, transfer pricing, audit committee regulations, and more. Essential for professionals dealing with global business environments.

Questions: 60 | Attempts: 593 | Last updated: Mar 22, 2023

Sample Question
Under U.S. tax laws, how are taxes paid by U.S. corporations to foreign governments treated?

Total foreign taxes paid are deductions in calculating taxable income.

Foreign income taxes paid are credits against U.S. taxes owed.

Taxpayers may choose between (A) and (B) stated above.

None of the above.

Doupnik - Chapter 10 #30 Learning Objective: 3 Level: Medium

MGT101 Financial Accounting Exam Quiz!

MGT101 Financial Accounting Exam Quiz tests knowledge on asset management, accounting equations, and bank reconciliation, essential for understanding corporate financial operations and compliance with accounting standards.

Questions: 41 | Attempts: 444 | Last updated: Mar 22, 2023

Sample Question
Particulars Rs. Opening written down value of machine 1,00,000 Cost of new machine purchased during the year 50,000 Depreciation during the year 21,000 Closing written down value (WDV) ?

Rs. 1, 29,000

Rs. 1, 50,000

Rs. 1, 21,000

Rs. 71,000

Learn About Budgets Accounting Trivia!

Learn about budgets Accounting trivia!

We love budgets. We love Gross vs net income. Play this quiz and learn this accounting quiz!

Questions: 9 | Attempts: 361 | Last updated: Sep 30, 2024

Sample Question
What is the difference between gross vs net pay?

Gross is the amount of money you get after taxes Net is before taxes

Gross and Net amounts are pretty much the same when you make between $40,000.00 and $60,000.00 every year.

Net is the amount of money after taxes Gross is the amount before taxes no matter how much money you make.

Net is the amount of money after taxes gross is the amount before taxes only when you make more than $20,000.00.

None of the Above

Hardest Accounting Exam Quiz

Are you ready to take the most challenging accounting exam? Could you pass this quiz? The financial accounting exam involves concepts that are taught to new students. Accounting is when a professional evaluates numbers and...

Questions: 79 | Attempts: 7022 | Last updated: Oct 20, 2024

Sample Question
Financial transactions are summarized in:

Financial statement footnotes

The independent auditor's opinion letter

The entity's accounts

None of the above

Accounting Principles And Contingency Operations Quiz

Accounting Principles and Contingency Operations Quiz

The Accounting Principles and Contingency Operations Quiz is designed to assess your understanding of fundamental accounting principles within the context of contingency operations. This quiz covers a range of topics, including...

Questions: 70 | Attempts: 172 | Last updated: Dec 29, 2023

Sample Question
What is the major difference between the responsibilities of the Financial Management Analysis and the Defense Finance and Accounting Service?

DFAS handles the accounting processes at base level

Structure within each field site is mostly standardized, but may vary at some locations

DFAS was activated to reduce costs and improve the overall quality of DOD financial management

FMA handles the accounting processes at base level serves as liaison between the base organizations and the field site

International Accounting Standards: Quiz!

Test your knowledge on International Accounting Standards, including asset recognition, depreciation methods, and treatment of research costs as per IAS 16 and IAS 38.

Questions: 14 | Attempts: 2838 | Last updated: Mar 22, 2023

Sample Question
What are the two key criteria for an item of property, plant & equipment to be “recognized” as an asset?

When it can be reliably measured

When it is controlled by the entity

When it is probable that economic benefits will flow to the entity from the asset

When it has a residual value

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