Accounting Quizzes, Questions & Answers

Recent Quizzes

Calculating costs involves during manufacturing can help a company not where most of the money in the process goes to. How improved are your skills of calculating these costs? The quiz below is designed to answer just that....

Questions: 14 | Attempts: 449 | Last updated: Sep 5, 2023

Sample Question
The full-time employees at Percy Enterprises work 8 hours per day, while the part-time employees work 4 hours per day. Percy has 2,000 full-time employees and 800 part-time employees. What is the number of full-time equivalent employees?

2,000

1,400

2,400

2,800

Accounting 202 - Chapter 5.1

Do you feel confident that what we covered in the previous class on processes costing is now well understood? Take up the quiz and let the score show if you are ready to dive deeper into what process costing is all about. All...

Questions: 14 | Attempts: 513 | Last updated: Mar 22, 2023

Sample Question
When units are moved from one processing department to the next, the cost associated with those units must also be moved from one WIP account to the next. These costs are called:

Transported costs.

Transmitted costs.

Conveyed costs.

Transferred costs.

Accounting 202 Chapter 5 Quiz! Test

Questions: 28 | Attempts: 625 | Last updated: Mar 20, 2023

Sample Question
When units are moved from one processing department to the next, the cost associated with those units must also be moved from one WIP account to the next. These costs are called:

Transported costs.

Transmitted costs.

Conveyed costs.

Transferred costs.

Quiz On Accounting - Chapters 1- 4

Quiz on Accounting - Chapters 1- 4

This test requires a lot of studying on the students’ part. The multiple answer questions given-below make it easier for one to revise and refresh their memory on what they have learnt so far. If you believe in yourself and...

Questions: 34 | Attempts: 3010 | Last updated: Mar 22, 2023

Sample Question
To record revenue and expenses is the role of the...

Income statement

Balance Sheet

Net worth

Accounting statement

Accounting 202: MCQ Quiz Exam!

Questions: 11 | Attempts: 828 | Last updated: Mar 22, 2023

Sample Question
The journal entry needed to record the receipt of a bill from the company’s marketing agency would include a:

Debit to manufacturing overhead

Debit to marketing expenses

Debit to work in process inventory

Credit to work in process inventory

Accounting 202 - Chapter 3.4

In today’s class we covered how to correct misallocations of overhead cost and journal entries in a manufacturing account. The test below is designed to test how well you understood out previous class and if you can...

Questions: 12 | Attempts: 514 | Last updated: Mar 21, 2023

Sample Question
If manufacturing overhead has been underallocated during the period, and most of the jobs produced have been sold, then:

Cost of goods sold should be decreased

Cost of goods sold should be increased

Finished goods inventory should be increased

Work in process inventory should be decreased

Accounting 202 Exam: Practice Quiz!

Questions: 11 | Attempts: 316 | Last updated: Mar 19, 2023

Sample Question
How do you calculate the predetermined manufacturing overhead rate used to allocate manufacturing overhead costs?

. By dividing the total estimated manufacturing overhead costs by the total estimated amount of the allocation base

By dividing the total estimated amount of the allocation base by the total estimated manufacturing overhead costs

By dividing the total estimated manufacturing overhead costs by the total actual amount of the allocation base

By multiplying the total estimated manufacturing overhead costs by the total estimated amount of the allocation base

Accounting 202: Trivia Quiz! Exam

During the manufacturing of a product, different factors go into choosing what input to use during manufacturing a product. Take up this quiz on overhead costs when it comes to job costing and see if you are prepared for the...

Questions: 11 | Attempts: 992 | Last updated: Mar 21, 2023

Sample Question
Which comes third in the flow of costs?

Cost of goods sold

Finished goods inventory

Raw materials inventory

Work in process inventory

Accounting 202 - Chapter 3.1 Review Test Quiz

Accounting 202 - Chapter 3.1 Review Test Quiz There are two different types of cost systems. These systems help a manufacturing company to know which products are profitable to make and those that are not. These costing...

Questions: 11 | Attempts: 120 | Last updated: Mar 20, 2024

Sample Question
What are the two basic types of costing systems?

Job costing and process costing

Periodic costing and perpetual costing

Product costing and materials inventory costing

Periodic costing and process costing

Accounting 202 - Chapter 3

Today we covered chapter three which was about job costing. This usually occurs with goods made after an order. As discussed job costing gives an accountant an overview of what each manufacturing will cost the company. What...

Questions: 55 | Attempts: 230 | Last updated: Mar 21, 2023

Sample Question
What are the two basic types of costing systems?

Job costing and process costing

Periodic costing and perpetual costing

Product costing and materials inventory costing

Periodic costing and process costing

Accounting 202 - Chapter 2 Review Test Quiz

Accounting 202 - Chapter 2 Review Test Quiz Managerial accounting, as we know, is a branch of accounts that helps in collecting, analyzing, and reporting information about the operations and finances of a business. These reports...

Questions: 46 | Attempts: 647 | Last updated: Mar 21, 2023

Sample Question
Which of the following are merchandising companies?

Manufactures

Retailers

Wholesalers

Both Retailers and Wholesalers

Introduction To Accounting, Regulatory Framework And Accounting Conventions

Introduction to Accounting, Regulatory Framework and Accounting Conventions

The questions are set as per ACCA standards and are hence worded to confuse students. You can access your total score and the correct answer to each question immediately after submitting your answers. Number of...

Questions: 18 | Attempts: 1655 | Last updated: Aug 23, 2023

Sample Question
A trade receivable is an example of:

Asset

Liability

Income

Accounting For Management And Sources Of Data

Accounting for Management and Sources of Data

Questions: 10 | Attempts: 187 | Last updated: Mar 22, 2023

Sample Question
Which of the following statements are true? (i) The main users of financial accounting information are external to an organisation. (ii) Cost accounting is that part of financial accounting which records the cash received and payments made by an organisation.

Statements (i) and (ii) are both correct.

Only statement (i) is correct.

Only statement (ii) is correct.

Accounting 201 - Chapter 7 Copy

Accounting 201 - Chapter 7 copy

So far we have covered seven chapters in accounting 201. This most recent chapter we covered assets and how changes in the assets are recorded. Take up the quiz below and see what you recall so far. Give it your best and...

Questions: 39 | Attempts: 176 | 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.

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: 562 | 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.

Accounting Quiz 201 Exam Questions!

Questions: 41 | Attempts: 601 | 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.

Accounting 201 - Chapter 5

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: 399 | 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: 2694 | 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: 640 | 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: 861 | 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: 765 | 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: 192 | 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: 463 | 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: 168 | 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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