Accounting Quizzes, Questions & Answers

Recent Quizzes

Questions: 41 | Attempts: 604 | Last updated: Mar 22, 2023

Sample Question
The largest expense on the income statement for most merchandising companies is:

Administrative expenses.

Selling expenses.

Cost of goods sold.

Other expenses.

Securities are divided into debt and equity securities. Trading in securities is one form of investment that guarantees maximum profits when properly placed. Did you understand this chapter fully? The quiz below is designed...

Questions: 38 | Attempts: 402 | Last updated: Mar 21, 2023

Sample Question
Investments that a company plans to hold for one year or less are:

Long-term investments.

Short-term investments.

Marketable securities.

Both B and C.

Accounting 201 - Chapter 4 Review Test Quiz

Welcome to chapter 4 of the Accounting 201 quiz. There are some rules that every accountant should follow when preparing financial statements and are laid down in form of concepts. Are you familiar with the basic accounting...

Questions: 31 | Attempts: 2700 | Last updated: Mar 22, 2023

Sample Question
When preparing a bank reconciliation, which of the following items should be subtracted from the bank balance?

Deposits in transit

Bank service charges

EFT cash receipts

Outstanding checks

Accounting 201 - Chapter 3 Review Test Quiz

Accounting 201 - Chapter 3 Review Test Quiz We have just covered business statements and how to prepare them. The quiz below is designed to test your understanding of all we covered in the chapter. Can you identify how these...

Questions: 40 | Attempts: 681 | Last updated: Mar 21, 2023

Sample Question
Under accrual accounting, revenue is recorded

When the cash is collected, regardless of when the services are performed

When the services are performed, regardless of when the cash is received

Either when the cash is received or the sale is made

Basic Accounting Practice And Definitions.

Basic accounting practice and definitions.

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

IFRS And GAAP Accounting Quiz: Test

IFRS and GAAP Accounting Quiz: Test

Questions: 86 | Attempts: 887 | Last updated: Mar 21, 2023

Sample Question
IFRS and US GAAP generally agree with their overall framework and purpose, but which body requires users to consider the framework in the absence of a specific standard?

US GAAP only

IFRS only

Both IFRS and US GAAP

Definition Of Liability Quiz

definition of liability quiz

Take this Legal liability quiz and test your knowledge on definitions of liability. All the best for this quiz!

Questions: 69 | Attempts: 770 | Last updated: Mar 22, 2023

Sample Question
Liabilities are

Any accounts having credit balances after closing entries are made.

Deferred credits that are recognized and measured in conformity with generallyaccepted accounting principles.

Obligations to transfer ownership shares to other entities in the future.

Obligations arising from past transactions and payable in assets or services in the future.

International Accounting - Ch 9

IFRS focus on accounting for inflation, consolidations, and segment reporting contrasted with U.S. GAAP Basef on chapter 9 of the textbook International Accounting 3rd edtion by Doupnik and Perera

Questions: 16 | Attempts: 193 | Last updated: Mar 22, 2023

Sample Question
____________ accounting was created to account for changes in the general price level and makes adjustments to the historical costs of non-monetary assets to update for changes in the purchasing power of the currency.

General purchasing power

Current replacement cost

Price level

Current cost

Ch.11

ch.11

Questions: 40 | Attempts: 467 | Last updated: Mar 21, 2023

Sample Question
The following is true of depreciation accounting

It is not a matter of valuation

It is part of the matching of revenues and expenses

It retains funds by reducing income taxes and dividends

All of these

A Quiz That'll Add To Your Knowledge Of Accounting

A quiz that'll add to your knowledge of Accounting

Trading, profit and loss account shows the income and expenditure of a company and this will define the financial position on whether the company is making a profit or incurring some losses. This information will help the...

Questions: 26 | Attempts: 169 | Last updated: Mar 20, 2023

Sample Question
Preparing budgets is an example of the managent function of:

Controlling

Decision-making

Directing

Planning

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