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A detailed illustration of accounting concepts, featuring open accounting ledgers, piles of coins signifying assets, and financial charts in the background, creating a professional and educational atmosphere.

Fundamentals of Accounting Quiz

Test your knowledge of accounting principles with this engaging quiz designed for students and professionals alike. Challenge yourself with 10 multiple-choice questions that cover essential topics in accounting.

Understand the core phases of accounting
Explore key accounting assumptions
Learn about the impact of transactions on equity

10 Questions2 MinutesCreated by CalculatingCat95

What are the 4 phases of accounting?

Recording-Summarizing-Classifying-Interpreting

Recording-Classifying-Summarizing-Interpreting

Recording-Interpreting-Summarizing-Classifying

Recording-Classifying-Interpreting-Summarizing

It is the ability to quantify assets, liabilities, and the equity in terms of a unit of measure. It also assumes the stability of pesos.

Materiality

Cost Principle/ Historical Cost

Monetary Unit Assumption

Accrual Basis

In Accounting, the term debit is used to indicate:

Increase in Liability and Equity

Decrease in Liability and Equity

Increase in Asset and Liability

Decrease in Asset and Liability

Branch of Accounting that focused on the allocation of the resources and funds of the national government.

Government Accounting

Tax Accounting

Management Accounting

Auditing

Which of the following items has no effects in owner‘s equity/capital?

Incurring Expenses

Withdrawals of owner

Acquisition of Land

Earning Revenue

A Revenue or income

Increases Asset and Equity/Capital

Increases Assets and Liabilities

Increases Assets and Decreases Equity/Capital

No Effects

This is prepared to check the equality of debits and credits.

T-Account

Balance Sheet

Ledger

Trial Balance

An investment by the owner in the business increases the

Asset and Equity/Capital

Assets and Liabilities

Liabilities and Equity/Capital

Assets only

The decrease in the usefulness of property and equipment as time passes is called

Contra-Assets

Consumption

Deterioration

Depreciation

What type of account is Prepaid Expense

Expense

Current Assets

Non-Current Assets

Property, Plant and Equipment

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Fundamentals of Accounting Quiz

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