Financial Accounting Quizzes, Questions & Answers

Recent Financial Accounting Quizzes

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: 255 | 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: 357 | 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: 2987 | Last updated: Oct 18, 2024

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

True

False

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: 7341 | 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: 2048 | 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: 487 | 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

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