Financial Accounting Quizzes, Questions & Answers

Recent Quizzes

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: 19843 | 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

Financial Accounting Exam II, Chapters 5 & 6

Financial Accounting Exam II, Chapters 5 and 6

Questions: 23 | Attempts: 2377 | 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: 455 | 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

Journal Entry Trivia Questions: Quiz!

Questions: 55 | Attempts: 1219 | 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: 1900 | 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

Financial Accounting Exam: Quiz! MCQ

Questions: 25 | Attempts: 945 | Last updated: Mar 21, 2023

Sample Question
Traditionally, financial accounting information has focused primarily on:

Productivity

Efficiency

Product and service quality

Profitability

MGT101- Financial Accounting 2

This is a interesting and important quiz for accounting. Take this quiz and have a good time!

Questions: 22 | Attempts: 1153 | Last updated: Mar 22, 2023

Sample Question
A transaction that has been recorded in wrong account of the same class instead of being recorded in the right account

Error of Omission

Error of Commission

Error of Principle

Error of Original entry

MGT101- Financial Accounting 01

MGT101- Financial Accounting

Questions: 19 | Attempts: 6173 | Last updated: Mar 8, 2024

Sample Question
Office salaries, advertising and sales commissions are the examples of:

Financial Expenses

Operating Expenses

Marketing Expenses

Direct Expenses

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