Financial Accounting Quizzes, Questions & Answers

Recent Quizzes

This quiz assesses key concepts in financial accounting, including the effects of transactions on stockholders' equity, cash flow categorization, and fundamental accounting assumptions. It's designed to enhance understanding of...

Questions: 8 | Attempts: 143 | Last updated: May 21, 2024

Sample Question
The payment of a liability in cash will decrease stockholders' equity.

True

False

Trivia Questions: Basic Financial Accounting Quiz!

Financial accounting is the discipline of accounting involved with the summary, analysis, and recording of financial transactions related to a business. It entails the preparation of financial statements for public use....

Questions: 8 | Attempts: 448 | Last updated: Mar 21, 2023

Sample Question
Which of the following are acceptable inventory costing methods?

Average cost

Cost flow

First In Last Out

Last In First Out

First In, First Out

Financial Accounting Quiz Questions And Answers

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: 20023 | Last updated: Mar 18, 2024

Sample Question
These are economic resources with the ability or potential to provide future benefits?

Assets

Liabilities

Shareholder's Equity

Retained Earnings

Describes Financial Accounting Quiz Questions

describes financial accounting quiz questions

This quiz assesses key concepts in financial accounting, focusing on the measurement and communication of financial information, types of activities (financing and investing), and understanding of essential financial statements...

Questions: 30 | Attempts: 430 | Last updated: Mar 21, 2023

Sample Question
Which of the following best describes financial accounting?

Artistic Presentation

Information measurement/communication process

Matematical procedure

Behavioral psychology

Accounting Principles Knowledge Test: Quiz

Do you know anything about accounting principles and knowledge? Could you pass this quiz? Financial accounting is the branch of corporate accounting that identifies, records, and examines financial data for people outside of...

Questions: 20 | Attempts: 2408 | Last updated: Mar 22, 2023

Sample Question
The personal assets of the owner of a company will not appear on the company's balance sheet because of which principle/guideline?

Cost

Economic Entity

Monetary Unit

Financial Accounting Exam II, Chapters 5 & 6

This Financial Accounting Exam II covers Chapters 5 & 6, focusing on key accounting practices like note receivables, sales discounts, and bad debt expense. It assesses understanding of the allowance method, interest revenue...

Questions: 23 | Attempts: 2391 | 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

Let's Test Your Financial Accounting Skills With This Quiz

Let's test your Financial Accounting skills with this quiz

Financial accounting is one of the courses taken by an aspiring certified accountant. Are you looking for revision material for an exam? If the answer is yes look no further and take up the quiz below to see if you indeed are...

Questions: 24 | Attempts: 456 | Last updated: Mar 18, 2023

Sample Question
Financial Accounting in SAP ERP contains several ledgers. Which of the following are ledgers in Financial Accounting? (4 correct answers)

Common Ledger

General Ledger

Accounts Payable

Human Resource Ledger

Accounts Receivable

Production Ledger

Rectification Of Errors

Rectification of Errors

This quiz on 'Rectification of Errors' assesses knowledge in adjusting previous accounting inaccuracies, understanding trial balance errors, and their implications on financial statements. It's crucial for learners aiming to...

Questions: 57 | Attempts: 1329 | Last updated: Mar 21, 2023

Sample Question
While finalizing the current year's profit, the company realized that there was an error in the valuation of closing stock of the previous year. In the previous year, closing stock was valued more by Rs.50,000. As a result

Previous year's profit is overstated and current year's profit is also overstated.

Previous year's profit is understated and current year's profit is overstated.

Previous year's profit is understated and current year's profit is also understated.

Previous year's profit is overstated and current year's profit is understated.

Journal Entry Trivia Questions: Quiz!

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: 1246 | Last updated: Mar 22, 2023

Sample Question
Sunset 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:

A credit to the cash received account of Rs.2,100.

A credit to the Accounts receivable account of Rs.2,100.

A debit to the cash account of Rs.1,400.

A debit to the Accounts receivable account of Rs. 1,400.

Recording Financial Transactions: Trivia Quiz

Recording financial transactions: trivia quiz. For a transaction to be complete there are some documents that need to be provided before it is recorded in the financial statements. Do you know what a remittance advice is and...

Questions: 38 | Attempts: 1907 | Last updated: Mar 22, 2023

Sample Question
Kew has an overdraft of $4,400 at the start of June. The following four transactions occurred during June. Kew allows its customers up to 60 days to pay their invoices. 3 June: Kew sells goods worth $10,000 on credit to a customer who always takes the full credit period. 10 June: Kew pays a supplier $8,000. 20 June: Kew sells goods worth $12,000 for cash and allows a 5% discount. 23 June: Cash is received from a customer who has been in dispute with Kew. The original invoice was for $6,000, but Kew has agreed to accept half the invoice value to settle the dispute. How much does Kew have in the bank at the end of June?

$2,000

$2,600

$10,800

$12,000

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