Accounting Quizzes, Questions & Answers

Recent Quizzes

Accounting is one of the complicated subjects to study especially if you are not so good with math. The good news is that, with enough and relevant practice, you will become better. Accounting 201 chapters 1&2 is here for...

Questions: 50 | Attempts: 352 | Last updated: Mar 22, 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 Test 2 Practice

Questions: 27 | Attempts: 137 | Last updated: Mar 21, 2023

Sample Question
Which of the following businesses is most likely to use a periodic inventory system?

A beer bar

An aircraft manufacturer

A supermarket that is part of a national chain

An independently owned art gallery with a manual account system

Grade 12 Accounting Quiz

Annual reports / the accounting cycle

Questions: 10 | Attempts: 1770 | Last updated: Nov 4, 2024

Sample Question
Which of the following lists the steps of the accounting cycle in the correct order?

Journal, ledger, trial balance, adjustments, closing entries, financial statements

Journal, ledger, adjustments, trial balance, financial statements, closing entries

Journal, ledger, financial statements, trial balance, adjustments, closing entries

Journal, ledger, trial balance, adjustments, financial statements, closing entries

Basic Accounting Quiz! Trivia Exam

Questions: 12 | Attempts: 306 | Last updated: Oct 8, 2024

Sample Question
What is the normal balance for an expense account?

Credit

Debit

I don't care

None of the above

Basic Financial Accounting - Sales, Trade Debtors And Bad Debt

Basic Financial Accounting - Sales, trade debtors and bad debt

How to post sales, trade debtors and bad debt.A thorough course in Basic Financial accountingImage courtesy of adamr / FreeDigitalPhotos.net

Questions: 7 | Attempts: 252 | Last updated: Mar 21, 2023

Sample Question
28. Journal entry of payment from debtor (customer) - always ignoring VATA company just received payment from an earlier credit sale to a costumer. The amount received is 75.000. The amount is transferred from the costumer into the company’s bank account.How should the information above be posted?

The trade debtors account (asset) is credited 75.000 while the bank account (asset) is debited 75.000.

The trade debtors account (asset) is credited 75.000 while the cash account (asset) is debited 75.000.

The other debtors account (asset) is credited 75.000 while the bank account (asset) is debited 75.000.

The trade debtors account (asset) is debited 75.000 while the bank account (asset) is credited 75.000.

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: 248 | 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: 337 | 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

Chapter 10 is a review of Closing Entries.

Questions: 35 | Attempts: 2902 | Last updated: Oct 18, 2024

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

True

False

Questions On Accounting: Quiz! Test

Questions on Accounting: Quiz! Test

Questions: 13 | Attempts: 561 | Last updated: Mar 21, 2023

Sample Question
All profits go to the owner is an advantage of a sole proprietorship.

True

False

Accounting & Reporting For The Federal Gov't Nfp

Accounting & Reporting for the Federal Gov't NFP

Different organizations have different reporting styles and ways to account for their periodic activities. Find out more about accounting and reporting for the Federal government Nfp through the quiz below.

Questions: 19 | Attempts: 237 | Last updated: Mar 21, 2023

Sample Question
Federal statutes assign responsibility for establishing and maintaining a sound financial structure for the federal government to which of the following:

Congress

Comptroller General, Secretary of the Treasure, and Director of the Office of Management and Budget

Office of Management and Budget

Federal Financial Accounting Standards Board

Classification Of Accounts - Calculators R Fun

Classification of Accounts - Calculators R Fun

Chapter 1 Directions: Classify each account by selecting the correct answer for each item.

Questions: 20 | Attempts: 521 | Last updated: Mar 20, 2023

Sample Question
Jones Payable

Asset

Liability

Owner's Equity

Answer option 4

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: 7243 | 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

Acct 425 Unit 3

ACCT 425 Unit 3

Questions: 32 | Attempts: 100 | Last updated: Feb 15, 2024

Sample Question
When the hybrid method is used to record the withdrawal of a partner, the partnership

Revalues assets and liabilities and records goodwill to the continuing partner but not to the withdrawing partner.

Revalues liabilities but not assets, and no goodwill is recorded.

Can recognize goodwill but does not revalue assets and liabilities.

Revalues assets but not liabilities, and records goodwill to the continuing partner but not to the withdrawing partner.

Revalues assets and liabilities but does not record goodwill.

Basic Accounting 1 Assignment 1

Before attempting this assignment you should have read chapters 1 to 3 of your Osborne Book ”BASIC ACCOUNTING 1 " and attempted the chapter activities in your WORKBOOK. The pass mark for the assignment...

Questions: 18 | Attempts: 2221 | Last updated: Mar 22, 2023

Sample Question
A cash sale is a sale where payment is made in notes and coins

True

False

Accounting Chapter 7 Definitions Quiz

Definitions part 2

Questions: 8 | Attempts: 73 | Last updated: Mar 22, 2023

Basic Accounting Quiz Questions And Answers

Basic Accounting Quiz Questions and Answers

Here's an awesome 'Basic Accounting Quiz' for all the students studying accounts! Accounting is something that is existent in different companies and is essential to ensure that a business keeps on growing. The...

Questions: 10 | Attempts: 47430 | Last updated: Mar 24, 2022

Sample Question
Profit is equal to:

Income minus expenses

Receipts minus expenditures

Inflows minus outflows

Revenue minus expenses

Method Of Accounting Chapter 3

method of accounting chapter 3

Questions: 15 | Attempts: 369 | 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

Questions: 10 | Attempts: 1734 | Last updated: Mar 21, 2023

Sample Question
A debit entry to an account.

Increases liabilities

Increases OE

Increases Assets

Increases both a and b

Accounting 202 - Chapter 7 Mixed

Accounting 202 - Chapter 7 mixed

The changes in cost and volume of the output have an effect on the company’s operating and net income. We have already covered what there is on calculation and effect of these changes to the organization. The quiz below...

Questions: 30 | Attempts: 345 | Last updated: Mar 21, 2023

Sample Question
The unit contribution margin is computed by:

Dividing the variable cost per unit by the sales revenue.

Subtracting the sales price per unit from the variable cost per unit

Subtracting the variable cost per unit from the sales price per unit

Dividing the sales revenue by variable cost per unit

Accounting 202 - Chapter 7

The changes in cost and volume of the output have an effect on the company’s operating and net income. The study of this change is what we covered in the previous class on chapter seven. The quiz below is designed to...

Questions: 30 | Attempts: 378 | Last updated: Mar 22, 2023

Sample Question
The unit contribution margin is computed by:

Dividing the variable cost per unit by the sales revenue.

Subtracting the sales price per unit from the variable cost per unit

Subtracting the variable cost per unit from the sales price per unit

Dividing the sales revenue by variable cost per unit

Tigi Primer On Hospital Accounting & Finance

TIGI Primer on Hospital Accounting & Finance

Assessment of comprehension and application of concepts presented in the TIGI Primer on Hospital Accounting and Finance. #next_pages_container { width: 5px; hight: 5px; position: absolute; top: -100px; left: -100px; z-index:...

Questions: 15 | Attempts: 86 | Last updated: Nov 15, 2023

Sample Question
Income for a hospital or health system is recognized when:

When patient services are provided

When charges are posted

When reimbursement is collected

When a patient submits a co-payment

When charges and reimbursements are matched

Your Accounting Skill Test

As an accounting student, you need to ensure that you are up to date with what you study. This accounting test is specially created to test your accounting skills with intermediate level questions. Only the brightest of...

Questions: 20 | Attempts: 738 | Last updated: Mar 21, 2023

Sample Question
Using the FIFO method answer the following question. A company purchases 25 units at a price of $5 each. Then they purchase 10 units at the price of $4 each. Afterwards, they sell 30 units at a price of $10 each. Then they sell 2 units at a price of $15. Then they sell 3 units at the price of $15 each. What is the COGS?

$165

$375

$465

None of the above

Accounting Quiz For Starters

Struggle to study accountancy? Take this accounting quiz for starters, and see how much you understand accounts. Well, it is not that difficult, especially if you know the basics. This is an accounting quiz designed to clear some...

Questions: 25 | Attempts: 1452 | Last updated: Aug 28, 2023

Sample Question
To increase a cash account, we have to credit it.

True

False

Accounting 202: Management Accounting! Quiz

Are you familiar with management accounting? Would you like to try this quiz? In managerial accounting, managers utilize accounting information to better inform themselves before making decisions about their organizations, which...

Questions: 28 | Attempts: 914 | Last updated: Mar 22, 2023

Sample Question
Which of the following statements is TRUE with respect to variable costs per unit?

They will decrease as production increases within the relevant range

They will increase as production decreases within the relevant range

They will remain the same as production levels change within the relevant range

They will decrease as production decreases within the relevant range

Accounting 202 - Chapter 5.3

Process costing is very different from job costing. While one is the accumulation of dingle costs throughout the process the other is an accumulation of all cost involved for a process. Do you believe you can distinguish...

Questions: 8 | Attempts: 136 | Last updated: May 8, 2024

Sample Question
Direct labor costs plus manufacturing overhead costs equal:

Prime costs.

Operating costs.

Equivalent costs.

Conversion costs.

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