Financial Accounting Quizzes & Trivia

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Questions: 10  |  Attempts: 6423   |  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: 895   |  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.

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 quiz has been developed to test your knowledge of...

Questions: 10  |  Attempts: 2304   |  Last updated: Jun 23, 2019
  • Sample Question
    The stock is attractive to investors because stockholders are not liable for the corporation's actions and debts and because the stock is easily transferred.

Questions: 6  |  Attempts: 999   |  Last updated: Dec 16, 2019
  • Sample Question
    Debit means

MGT101- Financial Accounting

Questions: 19  |  Attempts: 1574   |  Last updated: Jan 2, 2013
  • Sample Question
    Office salaries, advertising and sales commissions are the examples of:


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 concept example is this? Uncertainty and risks inherent in business situations should be adequately considered in financial reporting.
1. conservatism.-under the conservatism constraint, when alternative accounting methods are appropriate, the one having the less favorable effect on net income and total assets is preferable. however, conservatism does not permit a deliberate underst
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 is the interest revenue recorded by Nelson Inc. if they accept a $100,000 note at 8%? Use the following data. Date of Acceptance: April 1, 2012. Date of Receiving: March 31,...
The interest revenue off this $100,000 should be $8,000. This is actually fairly easy calculation. First, you divide $100,000 by .08. This gives you $8,000. That is literally all you need to do to find the interest revenue for the year this has been
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