Financial Accounting Quizzes, Questions & Answers
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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: 20263 | Last updated: Mar 18, 2024
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Sample QuestionThese 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: 10793 | Last updated: Mar 22, 2023
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Sample QuestionA new computer was purchased by paying 30 percent cash down and signing a banknote for the remainder.
This Basic Accounting Exam: Quiz! MCQ assesses fundamental accounting principles, focusing on transactions, account types, and financial statements. It tests skills crucial for understanding asset management and revenue...
Questions: 10 | Attempts: 1997 | Last updated: Mar 21, 2023
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Sample QuestionA debit entry to an account.
Explore the fundamentals of financial accounting with the Journal Entry Trivia Questions: Quiz! This quiz assesses knowledge on journal entries, double-entry bookkeeping, and other accounting principles, enhancing your...
Questions: 55 | Attempts: 1288 | Last updated: Mar 21, 2023
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Sample QuestionSunset Tours has an Rs.3,500 account receivable from Mohan. On January 20, Mohan makes a partial payment of Rs.2100 to Sunset Tours. The journal entry made on January 20 by Sunset Tours to record this transaction includes:
This quiz assesses knowledge in Financial Accounting for SSS 1, covering topics like capital, source documents, accounting bodies, and ledger management.
Questions: 50 | Attempts: 1360 | Last updated: Jan 13, 2025
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Sample QuestionAnother word for start-up fund for business is ……… a
Recent Quizzes
The 'Financial Accounting Practice Exam Quiz!' assesses key skills in financial accounting, covering topics like ledger balances, profit calculations, and accounting for raw materials. This quiz is designed to test understanding...
Questions: 69 | Attempts: 1557 | Last updated: Aug 14, 2024
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Sample QuestionThe balance in a sales ledger control account indicates:
This quiz assesses knowledge in configuring SAP S\/4HANA for Financial Accounting, focusing on depreciation, SAP Fiori UX, bank master data, and payment automation. It's designed for associates aiming to validate their skills in...
Questions: 67 | Attempts: 1347 | Last updated: Jan 27, 2023
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Sample QuestionHow do you configure depreciation areas in SAP S/4HANA?
FAR 1 - FINAL EXAMINATIONS assesses advanced accounting knowledge, focusing on impairment, investments, and financial statement presentation. It evaluates critical thinking and application of international accounting standards.
Questions: 20 | Attempts: 1745 | Last updated: Mar 22, 2023
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Sample QuestionHAVANA Company provided the following calculation about an impairment loss recognized on December 31, 2017: Goodwill Other assets Carrying amount 3,000,000 9,000,000 Impairment loss 3,000,000 2,000,000 There has been a favorable change in the estimate of the recoverable amount of the net assets since the impairment loss was recognized. The recoverable amount is now P8,000,000 on December 31, 2018. The carrying amount of the new assets of would have been P7,200,000 on December 31, 2018. Assets are depreciated at 20% of reducing balance. What amount should be recognized as gain on reversal of impairment for 2018?
This quiz covers fundamental concepts of financial math, including operating expenses, income statements, cost of goods sold, and asset management.
Questions: 60 | Attempts: 3279 | Last updated: Jan 17, 2024
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Sample QuestionUtilities, employee wages, and taxes are examples of
This Accountancy Quiz MCQ: Exam assesses knowledge in financial accounting, focusing on bad debts, account types, and the basic accounting equation. It evaluates understanding of liabilities, events in business, and transaction...
Questions: 15 | Attempts: 478 | Last updated: Mar 22, 2023
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Sample QuestionA company had a doubtful debt provision of £14,000 on 31 December 2008. Its trade receivables at 31 December 2009 were £198,200. The company considers that receivables totaling £12,200 will not be paid and in addition planned to make a doubtful debt provision for 10% of its net receivables on 31 December 2009. What is the charge for bad and doubtful debts in the income statement for the year ended 31 December 2009?
MGT101 : This is a trivia questions quiz designed to test your financial accounting knowledge! For you to be a skilled accountant, you need to have enough information about all the principles of accounting and how to record every...
Questions: 40 | Attempts: 536 | Last updated: Mar 22, 2023
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Sample QuestionProper recording of any dealing between two persons involving money or a valuable thing is called ________
Welcome to the Final Assessment for this S/4HANA Training!
This assessment is designed to help you check your knowledge of the content provided in the course.
This assessment covers the following units:
S4F12 - Basics of...
Questions: 67 | Attempts: 446 | Last updated: Mar 21, 2023
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Sample QuestionWhat are the business benefits of S/4HANA Finance? (3 correct answers)
Explore key concepts of financial accounting in this CLEP quiz! Test your understanding of GAAP, double entry systems, accrual basis accounting, and financial statements. Perfect for enhancing your accounting principles knowledge...
Questions: 10 | Attempts: 275 | Last updated: Mar 21, 2023
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Sample QuestionWhat is the full meaning of GAAP?
Dive into the 'Classification of Accounts Quiz! Test' to assess your understanding of key accounting concepts. This quiz covers various types of accounts including assets like cash, equipment, and motor vehicles, as well as...
Questions: 15 | Attempts: 571 | Last updated: Mar 21, 2023
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Sample QuestionCash in hand
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Popular Quizzes
Do you know how to answer accounts questions? Would you be able to pass this quiz? According to this quiz, you must be aware of where bills payable is shown, what is considered an asset, what is a liability, what is the meaning...
Questions: 50 | Attempts: 7332 | Last updated: Mar 21, 2023
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Sample QuestionBills Payable A/c is shown in the balance sheet under the head.
This quiz covers key concepts in financial accounting such as operating expenses, error types, depreciation methods, trial balance issues, and asset disposal entries, aligned with MGT101 course objectives.
Questions: 19 | Attempts: 6212 | Last updated: Mar 8, 2024
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Sample QuestionOffice salaries, advertising and sales commissions are the examples of:
Advanced Financial Accounting Exam Quiz assesses understanding of inventory valuation, dividend presentation, adjustments for non-cash items, and balance sheet principles. It tests key accounting skills essential for financial...
Questions: 10 | Attempts: 3316 | Last updated: Aug 29, 2023
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Sample QuestionWhat is the basic principle for measuring inventories?
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 basic quiz has been developed to test your knowledge of...
Questions: 10 | Attempts: 3287 | Last updated: Mar 21, 2023
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Sample QuestionHow is the income statement affected when a company issues stock?