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A visually appealing illustration depicting accounting concepts, including balance sheets, cash flow, and financial statements, with a desk and calculator in a modern office setting.

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

15 Questions4 MinutesCreated by AssessingAccountant25

How would an accountant record an increase in cash?

Debit

Credit

How would an accountant record an increase in sales?

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

Accounting is referred to as the "language of ___________________."

Profit

Life

Accounting

Business

______________________ is the transfer of journalized transactions to their accounts.

Posting

Recording

Updating

Journalizing

Planning, recording, analyzing, and interpreting financial information

Accounting

Ethics

Transaction

Revenue

A decrease in owner's equity resulting from the operation of a business

Account

Capital

Asset

Expense

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

The _____________________________ is one of the main financial statement and reports the assets, liabilities, and owner's equity at a specific point in time.

Income Statement

Balance Sheet

Income Worksheet

Balance Worksheet

Accounting entries involve a minimum of how many accounts?

When a company buys supplies on account, the cash account does what?

Increases

Decreases

Stays the same

There is no cash account

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