ACCONTING 1 QUIZ
Accounting 101 Quiz
Test your knowledge of fundamental accounting principles with our engaging quiz designed for both beginners and experienced learners.
Challenge yourself with questions that cover:
- Basic Accounting Concepts
- Financial Statements
- Equity and Liabilities
- Revenue Recognition
If the company purchased Equipment for $4000 on account, the effect is
equipment and account payable increased
Equipment and cash increase
Equipment and account receivable increase
None of the above
All of the following example of internal users except
Finance director
Marketing management
Creditor
All of this example in internal users
It includes only the recording process
Accounting
Bookkeeping
marketing Management
None of the above
In September 31 the equity is $30.000 and assets is $130.000 . If equity increase for $50.000 and assets decrease for $20.000 what the liabilities
25.000
35.000
30.000
40.000
If company paid rent for $3.000
Cash decrease for 3000
Renr expenses increase for 3000
Cash and Rent exp. Decrease for 3.000
All of this following true
Information systems consists of three main activities identify, record, communications.
Bookkeeping
Accounting
Internal users
Marketing management
The company established by ahmad and sara this shows of :
Partnership
Corporation
Proprietarship
None of the above
Performed service on account for $15.000
Account receivable increase and service revenue increase
Increase in assets and increase in equity
Account payable decrease and services revenue increase
A+B is true
If the equity is 30.000 and the liabilities 25.000 what the asset
50.000
55.000
45.000
60.000
The correct form of the expanded accounting equation is
Asset = liabilities + share-capital - Revenue - Expenses - dividends
Asset = liabilities + equity
Expenses - Revenue + assets = liabilities + share-capital - dividends
None of the above
The asset $90.000 and the equity one -third of assets what the liabilities
35.000
54.000
65.000
60.000
Received $4000 for future service from customers
Assets and liabilities increase for 4.000
Assets and equity increase for 4.000
Liabilities decrease and liabilities increase for 4000
None of the above
GAAP is
Generally accounting accepted principles
Generally accepted accounting principles
Generally acsepted accounting principles
None of the above
Classify and summarize is
Communication
Identification
Recording
Accounting
If the revenue is 60.000 and total expenses $40.000 and the Beginning Retained earnings 5000 and rhe dividends 10.000 what the Ending Retained earnings?
10.000
15.000
25.000
20.000
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