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Basic Accounting Quiz Questions And Answers

Question 1 of 3

Q1 . Debits and Credits are a part of double-entry bookkeeping? State true or false.

A True

B False

Q2 . In accounting, Debit (Dr) means which side of a ledger account?

A Left

B Middle

C Right

D Lower

Q3 . To increase an Asset, you Debit the account? State true or false.

A True

B False

Q4 . Complete the sentence- 'Debit the receiver and credit the ________'.

A Creditor

B Giver

C Debtor

D Bad debts

Q5 . Under the accrual method of accounting, expenses are recorded:

A When they are paid.

B When invoices for expense items are received.

C When they are incurred.

D None of the above

Q6 . Profit is equal to:

A Income minus expenses

B Receipts minus expenditures

C Inflows minus outflows

D Revenue minus expenses

Q7 . Which financial statement will tell you how profitable a company is?

A Income statement

B Cash flow statement

C Balance sheet

D All of the above

Q8 . True or False: assets are typically recorded on the Balance Sheet at their estimated fair market value.

A True

B False

Q9 . Recognition of Depreciation Expense:

A Results in a decrease in Income.

B Does not decrease Income because it is not a true cash expense

C Is required by the matching principle

D Both A and C

Q10 . A periodical bookkeeping worksheet is _____________.

A Trial balance

B Balance sheet

C Single-entry bookkeeping

D Profit and Loss Statement

Q11 . Debits and Credits are a part of double-entry bookkeeping? State true or false.

A True

B False

Q12 . In accounting, Debit (Dr) means which side of a ledger account?

A Left

B Middle

C Right

D Lower

Q13 . To increase an Asset, you Debit the account? State true or false.

A True

B False

Q14 . Complete the sentence- 'Debit the receiver and credit the ________'.

A Creditor

B Giver

C Debtor

D Bad debts

Q15 . Under the accrual method of accounting, expenses are recorded:

A When they are paid.

B When invoices for expense items are received.

C When they are incurred.

D None of the above

Q16 . Profit is equal to:

A Income minus expenses

B Receipts minus expenditures

C Inflows minus outflows

D Revenue minus expenses

Q17 . Which financial statement will tell you how profitable a company is?

A Income statement

B Cash flow statement

C Balance sheet

D All of the above

Q18 . True or False: assets are typically recorded on the Balance Sheet at their estimated fair market value.

A True

B False

Q19 . Recognition of Depreciation Expense:

A Results in a decrease in Income.

B Does not decrease Income because it is not a true cash expense

C Is required by the matching principle

D Both A and C

Q20 . A periodical bookkeeping worksheet is _____________.

A Trial balance

B Balance sheet

C Single-entry bookkeeping

D Profit and Loss Statement

From Classroom to Quiz Stardom

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