Financial Accounting Quizzes, Questions & Answers

Recent Quizzes

What Is The Primary Purpose Of Financial Accounting? Exam Quiz

What is the primary purpose of financial accounting? Exam Quiz

Explore the essentials of financial accounting in this Exam Quiz, focusing on key concepts such as net income, adjusted trial balances, transaction analysis, and the differences between accrual and cash-basis accounting. This...

Questions: 50 | Attempts: 377 | Last updated: Mar 21, 2023

Sample Question
Which financial accounting number impacts stock prices more than any other single piece of information?

Retained Earnings

Net Income

Common Stock

Total Assets

Accounts Questions Test Quiz! Trivia

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: 7324 | Last updated: Mar 21, 2023

Sample Question
Bills Payable A/c is shown in the balance sheet under the head.

Provision

Reserves & Surplus

Secured loans

Current liabilities

Method Of Accounting Chapter 3

method of accounting chapter 3

Explore key accounting principles in 'method of accounting chapter 3' through practical scenarios. This quiz assesses your ability to handle adjusting entries, covering unearned revenues, supplies expenses, depreciation errors,...

Questions: 15 | Attempts: 371 | Last updated: Mar 21, 2023

Sample Question
On November 1, Rosebriar Apartments received $3,600 from a tenant for four months rent. The receipt was credited to Unearned Rent Revenue. What adjusting entry is needed on Dec 31?

Debit unearned rent revenue 1800, credit rent revenue 1800

Debit cash 900, credit rent revenue 900

Debit unearned rent revenue 900, credit rent revenue 900

Debit rent revenue 900, credit unearned rent revenue 900

Basic Accounting Exam: Quiz! MCQ

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: 1968 | Last updated: Mar 21, 2023

Sample Question
A debit entry to an account.

Increases liabilities

Increases OE

Increases Assets

Increases both a and b

Analysis And Reporting Of Financial Accounting Quiz

analysis and reporting of Financial Accounting quiz

This quiz on 'Analysis and Reporting of Financial Accounting' assesses understanding of fundamental concepts such as assets, liabilities, stockholders' equity, dividends, revenue, and expenses. It is designed to enhance learners'...

Questions: 10 | Attempts: 471 | Last updated: Sep 24, 2024

Sample Question
What are assets?

Sales of products or services

Amounts owed

Distributions to stockholders

Resources owned

Owners' claims to resources

Accounting 201 - Chapter 7

There exist two types of assets namely short term and long term assets. In class we have fully covered what is to know about long-term assets and how they are recorded in financial statements. Take up the quiz below and note...

Questions: 39 | Attempts: 563 | Last updated: Mar 21, 2023

Sample Question
Long-lived tangible assets that are used in the operation of the business are called:

Intangible assets.

Natural resources.

Plant assets.

Goodwill.

Basic Accounting Practice And Definitions.

Basic accounting practice and definitions.

This quiz focuses on basic accounting practices and definitions, assessing knowledge in liabilities, transactions affecting retained earnings, and impacts of various financial activities on business accounts. It's designed to...

Questions: 50 | Attempts: 485 | Last updated: Mar 21, 2023

Sample Question
Which of the following best describes a liability? Liabilities are:

A form of paid-in-capital

Future economic benefits to which a company is entitled

Debts payable to outsiders called creditors

Economic obligations to owners to be paid at some future date by the corporation

Accounting Review Quiz For Final Project

Accounting Review Quiz for Final Project

The Accounting Review Quiz for Final Project assesses understanding of fundamental accounting principles. It includes evaluating the basic accounting equation, analyzing balance sheet reports, and preparing income statements....

Questions: 5 | Attempts: 151 | Last updated: Apr 23, 2024

Sample Question
The basic accounting equation is

Assets + Revenue = Profit

Assets + Liabilities = Owner's Equity

Revenue + Assets + Owner`s Equity

Assets = Liabilities + Owner's Equity

Advanced Financial Accounting Quiz!

This Advanced Financial Accounting Quiz assesses knowledge on SEC's regulatory roles, securities registration compliance, and accounting principles evolution. It's ideal for learners aiming to understand SEC operations and...

Questions: 18 | Attempts: 712 | Last updated: Aug 27, 2024

Sample Question
The SEC has usually restricted its role in establishing accounting principles to

Developing accounting standards for particular industries.

Specifying the information that should be included in interim financial statements.

The promulgation and issuance of SASs (Securities Accounting Standards).

Determining required disclosures.

Developing definitions of key accounting terms.

A.3. Accruals And Deferrals

A.3. Accruals and Deferrals

This quiz titled 'A.3. Accruals and Deferrals' assesses understanding of accounting principles related to accruals and deferrals. It includes questions on royalty payments, advertising expenses, insurance policies, and...

Questions: 5 | Attempts: 669 | Last updated: Mar 22, 2023

Sample Question
Under a royalty agreement with another company, Wand Co. will pay royalties for the assignment of a patent for three years. The royalties paid should be reported as expense

In the period paid.

In the period incurred.

At the date the royalty agreement began.

At the date the royalty agreement expired.

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