Accounting Trivia
Accounting Trivia Challenge
Test your knowledge of accounting principles and fun facts with our engaging quiz! Perfect for anyone interested in finance, this quiz combines educational questions with interesting tidbits from the world of accounting.
- 14 challenging questions
- Multiple choice answers
- Learn about accounting standards and concepts
Which famous rock band member started out in accounting?
Billy Joel
Alice Cooper
Elvis Presley
Mick Jagger
The risk- return trade off means the higher the risk involved in the investment, the higher the potential return.
True
False
Current ratio is: Current Assets/??
Non-Current Assets
Non-Current Liabilities
Current Liabilities
Owner's Equity
What does GAAP stand for?
Generally Acceptable Accounting Provisions
Generally Accepted Accounting Principles
Governance and Accountability Protocols
Generally Accepted Amortisation Principles
What are resources owned by a business called?
Revenue
Expenses
Assets
Liabilities
Owner's Equity
What is the normal balance of an expense account?
Debit
Credit
What is the amount collected from the sale of goods or services called?
Revenue
Expense
Asset
Liability
Owner's Equity
When revenue is greater than expense, you have a?
Cash Surplus
Net Loss
Cash Deficit
Net Profit
What is it called when your expenses are greater than your revenue?
Cash Surplus
Cash Deficit
Net Loss
Net Profit
What is the basic accounting equation
Assets = Liabilities + Owner's Equity
Assets + Owner's Equity = Liabilities
Liabilities - Owner's Equity = Assets
Assets + Liabilities = Owner's Equity
What is the basis of double entry accounting?
For every amount of cash received, there will be an equal amount of cash paid
Every transaction will impact two accounts.
For every debit, there is a corresponding credit
For every liability, there will be an expense
An accountant invented bubble gum. True or False.
True
False
The FBI employs more than 2000 accountants to help solve crimes. True or False.
True
False
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