Financial Accounting Quizzes & Trivia

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Questions: 10  |  Attempts: 7392   |  Last updated: Dec 26, 2019
  • Sample Question
    These are economic resources with the ability or potential to provide future benefits?

For each of the transactions, state which accounts are affected. Each transaction involves at least two accounts but could be more.

Questions: 10  |  Attempts: 1479   |  Last updated: Dec 9, 2019
  • Sample Question
    A new computer was purchased by paying 30 percent cash down and signing a banknote for the remainder.

MGT101- Financial Accounting

Questions: 19  |  Attempts: 1796   |  Last updated: Jan 2, 2013
  • Sample Question
    Office salaries, advertising and sales commissions are the examples of:

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: 558   |  Last updated: Sep 2, 2020
  • 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?

Questions: 6  |  Attempts: 1256   |  Last updated: Nov 19, 2020
  • Sample Question
    Debit means


Financial Accounting Questions & Answers

What is the difference between Available Balance and Posted Balance?
Posted balance is the amount of balance you see in your bank account and is physically available for use. It is calculated as the outcome of a transaction which was executed in the past. A posted balance is the real balance posted on the actual bala
What type of office salaries, advertising, and sales commissions are the examples?
Operating expenses is also known as operating expenditure, operational expenditure or operational expense. These expenses are expenditures that a business incurs to engage in activities associated with the production of goods or services. It is the
What happens under the straight line method of depreciation?
Amount of depreciation is constant in straight line method and not decreases every year.
What is the purpose of a remittance advice?
The purpose of a remittance advice is to match a customer's payment with the invoice. Remittance advice is a letter sent by a customer to a supplier to inform the supplier that their invoice has been paid. If the customer is paying by check, the remi
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