ACCOUNTING IDENTIFICATION
Accounting Fundamentals Quiz
Test your knowledge in the field of accounting with our engaging quiz designed for learners at all levels. This quiz will cover key concepts in accounting, from business structures to financial statements and more.
- 39 Thought-Provoking Questions
- Multiple Choice Format
- Perfect for Students and Professionals
Is a service activity. Its function is to provide quantitative information, primarily financial in nature, about economic entities that is intended to be useful in making economic decision.
Recording
Accounting
Journalizing
Adjusting
Business organization with one owner
Sole Propreitorship
Partnership
Corporation
Business organization with two or more owners
Sole Propreitorship
Partnership
Corporation
An artificial being, separate from its stockholders.
Sole Propreitorship
Partnership
Corporation
Is an organization or a section of an organization that stands apart from other organizations and individuals as a SEPARATE ECONOMIC UNIT.
Entity Concept
Periodicity Concept
Stable Monetary Unit of Measure
Going Concern
An entity’s life can be meaningfully subdivided into equal time periods for reporting purposes.
Entity Concept
Periodicity Concept
Stable Monetary Unit of Measure
Going Concern
An entity should only use one unit of measure.
Entity Concept
Periodicity Concept
Stable Monetary Unit of Measure
Going Concern
Financial statements are normally prepared on the assumption that the reporting entity is a going concern and will continue in operation for the foreseeable future.
Entity Concept
Periodicity Concept
Stable Monetary Unit of Measure
Going Concern
Encompass the conventions, rules and procedures necessary to define accepted accounting practice at a particular time.
Journalizing
Financial Statement
Accounting
General Accepted Accounting Principle
A present economic resource controlled by the entity as a result of past events. An economic resource is a right that has the potential to produce economic benefits.
Asset
Liability
Owner's Equity
Revenue
Expenses
A present obligation of the entity to transfer an economic resource as a result of past events.
Asset
Liability
Owner's Equity
Owner's Wtihdrawals
Revenue
Expenses
The residual interest in the assets of the entity after deducting all its liabilities.
Asset
Liability
Owner's Equity
Owner's Withdrawals
Revenue
Expenses
Other
Please Specify:
Any medium of exchange that a bank will accept for deposit at face value.
Cash
Accounts Recievable
Accounts Payable
Service Revenue
These are claims against customers arising from sale of services or goods on credit.
Cash
Accounts Recievable
Accounts Payable
Service Revenue
Are those claims against customers in the form of promissory note
Cash
Accounts Recievable
Accounts Payable
Service Revenue
Notes Payable
Bonds Payable
Assets held for sale in the ordinary course of business; or Assets in the production for such sale; or Materials or Supplies to be consumed during production or in rendering of services.
Inventory
Accounts Recievable
Sales
Cost of Good Sold
These are expenses paid for by the business in advance.
Inventory
Accounts Recievable
Sales
Prepaid Expense
Held by an enterprise for use in the production or supply of goods or services, or for rental to others, or for administrative purposes and which are expected to be used during more than one period.
Cost of Good Sold
Accounts Recievable
Office Supplies
Property Plant Equipment
Diminished value of an asset
Depreciation Expense
Accumulate Depriciation
Accumulated Depreciation
Assets
Borrowed amount by the business from Supplier and other creditors.
Bonds Payable
Mortgage Payable
Accounts Payable
Accrued Liabilities
Amounts owned for unpaid expenses
Bonds Payable
Mortgage Payable
Accounts Payable
Accrued Liabilites
Payments received from the customer before providing the ordered goods or services
Service Revenue
Unearned Revenue
Long-term debts of the business, usually in substantial sums of money.
Accrued Liabilities
Bonds Payable
Mortgage Payable
Accounts Payable
Long-term debt of the business for which the business entity has pledged certain assets as security to the creditor.
Accrued Liabilities
Bonds Payable
Mortgage Payable
Accounts Payable
The original and additional investments of the business owner
Asset
Cash
Owner's Equity
Owner's Withdrawals
A temporary account used at the end of the accounting period to close income and expenses.
Balance Sheet
Income Statement
Income Summary
Journal Entry
Revenues earned by performing services for a customer or clients.
Unearned Revenue
Service Revenue
Accrued Revenue
Revenue Expense
Revenues earned as a result of sale of merchandise.
Cost of Good Sold
Service Revenue
Unearned Revenue
Sales
These are original written evidences that contain information about the nature and the amounts of the transactions.
Official Reciept
Bank Account
Cash Register Tapes
Accounting Source Documents
Price that you will sell, depreciation
Residual Value
Accumulated Depreciation
ADJUSTING IS TO ----- BOOK OF ACCOUNT
UNITE
UNFOLD
RECORD
UPDATE
The effects of transactions and other events are recognized when they occur and not as when cash is received or paid.
Cash Basis
Accrual Basis
Revenue
Expense
The accountant does not record a transaction until cash is received or paid
Accrual Basis
Cash Basis
Expense
Revenue
Are recorded when they are earned
Accrual Basis
Cash Basis
Expense
Revenue
Are recorded when they are incurred.
Accrual Basis
Cash Basis
Expense
Revenue
Revenue > Expense
Profit
Loss
Expense > Revenue
Profit
Loss
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