Financial Accounting Quizzes, Questions & Answers
Recent Financial Accounting Quizzes
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: 1352 | Last updated: Mar 21, 2023
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Sample QuestionWhile 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
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: 1328 | Last updated: Mar 22, 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:
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: 1920 | Last updated: Mar 22, 2023
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Sample QuestionKew 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?
This Financial Accounting Exam: Quiz! MCQ assesses key concepts in financial accounting, focusing on profitability, value creation, and historical economic transitions. It tests understanding of financial statements and...
Questions: 25 | Attempts: 972 | Last updated: Mar 21, 2023
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Sample QuestionTraditionally, financial accounting information has focused primarily on:
This quiz titled 'Practical Accounting 1' assesses knowledge in financial accounting, covering topics like net income adjustments, membership fee revenue recognition, markup based pricing, and tax calculations. It is designed for...
Questions: 5 | Attempts: 974 | Last updated: Mar 21, 2023
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Sample Question1. Alpha Company provided the following information relating to the current year: Net income 3,500,000 Unrealized gain on available for sale securities 250,000 Foreign currency translation adjustment – credit 50,000 Revaluation surplus 1,000,000
This Accy 111 Chapter 6 quiz assesses understanding of compound interest, effective interest rates, and present value calculations. It tests knowledge crucial for accounting and finance, focusing on both theoretical concepts and...
Questions: 15 | Attempts: 417 | Last updated: Mar 19, 2023
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Sample QuestionCompound interest includes interest earned on interest.
Accy 111 Chapter 7 Questions: Quiz! This quiz assesses key accounting concepts such as cash equivalents, internal controls, compensating balances, and sales returns. It is designed to improve accuracy in financial reporting and...
Questions: 15 | Attempts: 440 | Last updated: Mar 21, 2023
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Sample QuestionCash equivalents would include investments in marketable equity securities as long as management intends to sell the securities in the next three months.
The ACCT 202 Final Review assesses understanding of cash flow statements, focusing on their preparation, purpose, and transaction reporting. It evaluates key skills in managing and analyzing financial activities, crucial for...
Questions: 70 | Attempts: 392 | Last updated: Mar 20, 2023
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Sample QuestionWhich one of the following items is not generally used in preparing a statement of cash flows?
MGT101 Financial Accounting Exam Quiz tests knowledge on asset management, accounting equations, and bank reconciliation, essential for understanding corporate financial operations and compliance with accounting standards.
Questions: 41 | Attempts: 446 | Last updated: Mar 22, 2023
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Sample QuestionParticulars Rs. Opening written down value of machine 1,00,000 Cost of new machine purchased during the year 50,000 Depreciation during the year 21,000 Closing written down value (WDV) ?
This quiz on 'Ledger and Trial Balance' assesses knowledge on trial balance, T accounts, and ledger adjustments. It evaluates understanding of financial statements preparation and ensures readiness for more advanced accounting...
Questions: 5 | Attempts: 1795 | Last updated: Jun 10, 2024
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Sample QuestionWhich of the following best describes trial balance?
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