Quiz Detail

Q1 . Name the five main categories that the ledger accounts are grouped under:-

A Assets, credit cards, liabilities, money, contact cards

B Assets, production, bank register, purchases, sales

C Assets, liabilities, equity, income, expenses

Q2 . What equation does the chart of accounts tie-in with?

A Accounting equation

B Wave equation

C The origin of complex numbers

Q3 . Which category do you think business Travel & Accommodation costs would go under?

A Expenses

B Liabilities

C Equity

Q4 . You can split a category into manageable sub-groups?

A True

B False

Q5 . The chart of accounts has a list of:-

A Names of customers and suppliers

B General ledger account names and numbers

C Names of each inventory item

Q6 . Which category usually has (but not always!) the most accounts?

A The banking corporation

B The 10 richest people of the world

C Expenses

Q7 . Which category do you think wages would go under?

A Equity

B Expenses

C Income

Q8 . Which category do you think an insurance loan would go under?

A Assets

B Liabilities

C Expenses

Q9 . Under which category do you think a new, high cost computer would go ?

A Expenses

B Income

C Assets

Q10 . You buy products (stock) to sell to customers – what category do stock purchases go under?

A Expenses

B Liabilities

C Assets

Q11 . The business owner uses business funds to pay his son's school fees. What category is this?

A Equity

B Liabilities

C Expenses

Q12 . A customer pays a deposit for work not yet started. Where does this go?

A Income

B Assets

C Equity

Q13 . Which category do you think the website development costs would go under?

A Assets

B Equity

C Expenses

Chart Of Accounts Quiz

Q1 . Name the five main categories that the ledger accounts are grouped under:-

Q2 . What equation does the chart of accounts tie-in with?

Q3 . Which category do you think business Travel & Accommodation costs would go under?

Q4 . You can split a category into manageable sub-groups?

Q5 . The chart of accounts has a list of:-

Q6 . Which category usually has (but not always!) the most accounts?

Q7 . Which category do you think wages would go under?

Q8 . Which category do you think an insurance loan would go under?

Q9 . Under which category do you think a new, high cost computer would go ?

Q10 . You buy products (stock) to sell to customers – what category do stock purchases go under?

Q11 . The business owner uses business funds to pay his son's school fees. What category is this?

Q12 . A customer pays a deposit for work not yet started. Where does this go?

Q13 . Which category do you think the website development costs would go under?