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Financial Accounting Quizzes & Trivia

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Understanding the nitty-gritty of financial accounting can be tricky! We are here to help! This 'Financial Accounting Quiz Questions And Answers' will test your basic knowledge of the subject. Make sure to pick the...

Questions: 10  |  Attempts: 13561   |  Last updated: Jul 17, 2022
  • Sample Question
    These are economic resources with the ability or potential to provide future benefits?
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For each of the transactions, state which accounts are affected. Each transaction involves at least two accounts but could be more.

Questions: 10  |  Attempts: 5880   |  Last updated: Mar 22, 2022
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    A new computer was purchased by paying 30 percent cash down and signing a banknote for the remainder.
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MGT101- Financial Accounting

Questions: 19  |  Attempts: 5555   |  Last updated: Mar 22, 2022
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    Office salaries, advertising and sales commissions are the examples of:
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Financial Accounting Exam II, Chapters 5 and 6

Questions: 23  |  Attempts: 2064   |  Last updated: Mar 22, 2022
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    On April 1, 2012, Nelson Inc. accepts a $100,000, 8% note. The note receivable and interest are receivable on March 31, 2013.  On March 2013, Nelson Inc. will record interest revenue of
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Recording financial transactions: trivia quiz. For a transaction to be complete there are some documents that need to be provided before it is recorded in the financial statements. Do you know what a remittance advice is and...

Questions: 38  |  Attempts: 1458   |  Last updated: Mar 22, 2022
  • Sample Question
    Kew has an overdraft of $4,400 at the start of June. The following four transactions occurred during June. Kew allows its customers up to 60 days to pay their invoices. 3 June: Kew sells goods worth $10,000 on credit to a customer who always takes the full credit period. 10 June: Kew pays a supplier $8,000. 20 June: Kew sells goods worth $12,000 for cash and allows a 5% discount. 23 June: Cash is received from a customer who has been in dispute with Kew. The original invoice was for $6,000, but Kew has agreed to accept half the invoice value to settle the dispute. How much does Kew have in the bank at the end of June?
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