Financial Accounting Quizzes, Questions & Answers

Recent Quizzes

Journalizing Accounting Entries! Trivia Questions Quiz

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

Questions: 10 | Attempts: 10749 | Last updated: Mar 22, 2023

Sample Question
A new computer was purchased by paying 30 percent cash down and signing a banknote for the remainder.

Cash/Notes Payable/Owner’s Equity

Cash/Accounts Payable/Computer Equipment

Cash/Notes Payable/Computer Equipment

Financial Accounting Test 2

This Quiz is to test your accounting information, its an advanced questions. After you finish, you will review your answers before submit and then you will get your result with analysis & correct answer. Financial...

Questions: 15 | Attempts: 265 | Last updated: Mar 22, 2023

Sample Question
A manufacturing company recognized a valuation provision to inventories due to their obsolescence. Can the manufacturing offsetting inventory valuation provision against inventory balance in the statement of financial position?

No, because its not permit to offsetting of assets and liabilities unless is it allowed by another standard.

Yes, because this situation is not offsetting.

Yes, because in this case, offsetting leads to better understanding of the financial statements by their users.

No, because the assets and liabilities shall not be offset.

Advanced Financial Accounting Exam Quiz!

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: 3305 | Last updated: Aug 29, 2023

Sample Question
What is the basic principle for measuring inventories?

Inventories shall be measured at the lower of cost and value in use.

Inventories shall be measured at the lower of fair value and value in use.

Inventories shall be measured at the lower of fair value and net realizable value.

Inventories shall be measured at the lower of cost and net realizable value.

Financial Accounting - Mms I Mid Term Test

Financial Accounting - MMS I Mid Term Test

This mid-term test for Financial Accounting - MMS I assesses knowledge in accounting sub-fields, system purposes, bookkeeping, and financial statements. It evaluates skills essential for understanding and managing financial data,...

Questions: 34 | Attempts: 139 | Last updated: Mar 16, 2023

Sample Question
Which of the following is not a sub field of Accounting?

Book Keeping

Management Accounting

Financial Accounting

Cost Accounting

Quiz On Auto Cip Scripts - Depreciation And Amortization

Quiz on Auto CIP Scripts - Depreciation and Amortization

This quiz focuses on the application of Auto CIP Scripts in the context of Depreciation, Amortization, and related financial adjustments, exploring various financial coding and reporting standards.

Questions: 10 | Attempts: 234 | Last updated: Mar 14, 2023

Sample Question
When the Depreciation and amortization in I/S and C/F is negative, Select the correct FCC from the below list.

EUIE & OUIE

EDEA & ODEA

EOIE & ONCI

None of the above

Financial Accounting Exam II, Quiz Questions

Financial Accounting Exam II, quiz questions

This Financial Accounting Exam II assesses key concepts such as note receivables, sales discounts, and uncollectible accounts. It focuses on real-world application of accounting principles like the allowance method, ensuring...

Questions: 23 | Attempts: 588 | Last updated: Mar 22, 2023

Sample Question
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

$8000

$0

$6000

$2000

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: 2980 | Last updated: Oct 18, 2024

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

True

False

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