Easy Round
Test Your Accounting Knowledge
Welcome to the Accounting Quiz! This quiz is designed to test your understanding of basic accounting principles and terminology. Whether you're a student, a budding accountant, or just keen to brush up on your skills, this quiz provides a fun way to gauge your knowledge.
Key Features:
- 15 engaging questions
- Multiple choice and checkbox formats
- Instant feedback on your answers
How would an accountant record an increase in cash?
Debit
Credit
Any amounts owed by a business and reported on the balance sheet are referred to as ________________.
Assets
Liabilities
Profit
Expenses
The basic accounting equation is Assets=Liabilities + _______________________.
Income
Owner's Equity
Expenses
Profit
An increase in owner's equity resulting from the operation of a business
Asset
Expense
Withdrawal
Revenue
________________ is prepared at the end of the accounting period to show the financial position of business
Profit & loss account
Balance sheet
Profit & loss statement
Statement of financial position
______________________ is the transfer of journalized transactions to their accounts.
Posting
Recording
Updating
Journalizing
Planning, recording, analyzing, and interpreting financial information
Accounting
Ethics
Transaction
Revenue
Financial reports that summarize the financial condition and operations of a business
Financial statements
Ethics
Withdrawals
Equities
Revenues minus expenses equals _____________________. (Revenues-Expenses = _______________)
Profit
Overhead
Income
None of the above
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