Accounting Quizzes, Questions & Answers

Recent Quizzes

Accounting is one of the complicated subjects to study especially if you are not so good with math. The good news is that, with enough and relevant practice, you will become better. Accounting 201 chapters 1&2 is here for...

Questions: 50 | Attempts: 521 | Last updated: Mar 22, 2023

Sample Question
Which of the following best describes a liability? Liabilities are:

A form of paid-in-capital

Future economic benefits to which a company is entitled

Debts payable to outsiders called creditors

Economic obligations to owners to be paid at some future date by the corporation

Accounting Test 2 Practice

This practice quiz for 'Accounting Test 2' focuses on inventory systems, including periodic and perpetual systems, and their impacts on financial statements. It assesses understanding of inventory management, cost of goods sold,...

Questions: 27 | Attempts: 151 | Last updated: Mar 21, 2023

Sample Question
Which of the following businesses is most likely to use a periodic inventory system?

A beer bar

An aircraft manufacturer

A supermarket that is part of a national chain

An independently owned art gallery with a manual account system

Grade 12 Accounting Quiz

This Grade 12 Accounting Quiz assesses knowledge of the accounting cycle, types of accounts, auditor reports, and transaction categorization. It is designed to prepare students for professional accounting practices, enhancing...

Questions: 10 | Attempts: 2028 | Last updated: Nov 4, 2024

Sample Question
Which of the following lists the steps of the accounting cycle in the correct order?

Journal, ledger, trial balance, adjustments, closing entries, financial statements

Journal, ledger, adjustments, trial balance, financial statements, closing entries

Journal, ledger, financial statements, trial balance, adjustments, closing entries

Journal, ledger, trial balance, adjustments, financial statements, closing entries

Basic Accounting Quiz! Trivia Exam

Dive into the fundamentals of accounting with the Basic Accounting Trivia Exam! Test your understanding of normal balances, trial balances, financial statements, and more. Ideal for learners looking to assess or refresh their...

Questions: 12 | Attempts: 325 | Last updated: Oct 8, 2024

Sample Question
What is the normal balance for an expense account?

Credit

Debit

I don't care

None of the above

Basic Financial Accounting - Sales, Trade Debtors And Bad Debt

Basic Financial Accounting - Sales, trade debtors and bad debt

How to post sales, trade debtors and bad debt.A thorough course in Basic Financial accountingImage courtesy of adamr / FreeDigitalPhotos.net

Questions: 7 | Attempts: 258 | Last updated: Mar 21, 2023

Sample Question
28. Journal entry of payment from debtor (customer) - always ignoring VATA company just received payment from an earlier credit sale to a costumer. The amount received is 75.000. The amount is transferred from the costumer into the company’s bank account.How should the information above be posted?

The trade debtors account (asset) is credited 75.000 while the bank account (asset) is debited 75.000.

The trade debtors account (asset) is credited 75.000 while the cash account (asset) is debited 75.000.

The other debtors account (asset) is credited 75.000 while the bank account (asset) is debited 75.000.

The trade debtors account (asset) is debited 75.000 while the bank account (asset) is credited 75.000.

Basic Financial Accounting - Goods For Resale, Cogs And Trade Creditors

Basic Financial Accounting - Goods for resale, COGS and trade creditors

How to post goods for resale, COGS and trade creditors.A thorough course in Basic Financial accountingImage courtesy of adamr / FreeDigitalPhotos.net

Questions: 10 | Attempts: 254 | Last updated: Mar 21, 2023

Sample Question
14. Journal entry of goods for resale - Cash purchase without VATA trading company just purchased goods for resale. The total purchase amount for the goods was 500.000. The goods were paid for in cash upon delivery.How should the information above be posted?

The cash account (asset) is credited 500.000 while the inventory account (asset) is debited 500.000.

The cash account (asset) is debited 500.000 while the inventory account (asset) is credited 500.000.

The trade creditors account (liability) is credited 500.000 while the inventory account (asset) is debited 500.000.

The trade creditors account (liability) is credited 500.000 while the cost of goods sold account (profit/loss) is debited 500.000.

Basic Financial Accounting - Fixed Assets

Basic Financial Accounting - Fixed assets

How to post fixed assets.A thorough course in Basic Financial accountingImage courtesy of adamr / FreeDigitalPhotos.net

Questions: 11 | Attempts: 348 | Last updated: Mar 21, 2023

Sample Question
3. Journal entry of fixed assets – Cash purchase without VATA company has purchased a building for 4.000.000. The building has been paid for in cash and will be used for production in connection with the firm’s activities.How should the information above be posted?

The account for building under tangible assets is debited 4.000.000 while the cash account (asset) is credited 4.000.000.

The account for building under tangible assets is credited 4.000.000 while the cash account (asset) is debited 4.000.000.

The account for building under intangible assets is debited 4.000.000 while the cash account (asset) is credited 4.000.000.

Accounting Chapter 10 Closing Entries

This quiz, titled 'Accounting Chapter 10 Closing Entries', tests understanding of key accounting concepts related to closing entries. It covers the nature of permanent accounts, the balance of Income Summary, the process of...

Questions: 35 | Attempts: 2977 | Last updated: Oct 18, 2024

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

True

False

Questions On Accounting: Quiz! Test

Questions on Accounting: Quiz! Test

Dive into the fundamentals of accounting with this interactive quiz. Assess your understanding of sole proprietorships, liabilities, the accounting equation, types of businesses, and more. Perfect for learners aiming to enhance...

Questions: 13 | Attempts: 602 | Last updated: Mar 21, 2023

Sample Question
All profits go to the owner is an advantage of a sole proprietorship.

True

False

Accounting & Reporting For The Federal Gov't Nfp

Accounting & Reporting for the Federal Gov't NFP

Different organizations have different reporting styles and ways to account for their periodic activities. Find out more about accounting and reporting for the Federal government Nfp through the quiz below.

Questions: 19 | Attempts: 237 | Last updated: Mar 21, 2023

Sample Question
Federal statutes assign responsibility for establishing and maintaining a sound financial structure for the federal government to which of the following:

Congress

Comptroller General, Secretary of the Treasure, and Director of the Office of Management and Budget

Office of Management and Budget

Federal Financial Accounting Standards Board

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