ACCOUNTING IDENTIFICATION

A detailed illustration of accounting concepts featuring elements like balance sheets, financial statements, and a person analyzing financial data with charts and graphs in the background.

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

39 Questions10 MinutesCreated by CalculatingGuru712

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 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.

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

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

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

ACCOUNTING IDENTIFICATION

Accounting Fundamentals Quiz

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