Accounting Essentials Quiz

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Test your accounting skills

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Janwyne Sevilleno

Filipinas

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Froggy Jumps Accounting Essentials QuizVersión en línea Test your accounting skills por Janwyne Sevilleno 1 What is the primary purpose of financial accounting? a To provide financial information to external users b To manage daily cash flow c To set company policies for employees 2 Which financial statement shows a company's assets, liabilities, and equity at a point in time? a Income statement b Cash flow statement c Balance sheet 3 Accrual accounting recognizes revenue when it is: a Received in cash b Earned, regardless of cash receipt c Paid to suppliers 4 Which cost concept matches expenses with the revenues they helped generate? a Cost principle b Matching principle c Conservatism principle 5 What is depreciation? a Allocating the cost of a tangible asset over its useful life b Allocating cash to expenses c Recording a market gain on assets 6 Which account type carries a normal credit balance? a Liabilities b Assets c Expenses 7 Which financial statement shows profitability over a period? a Income statement b Balance sheet c Statement of changes in equity 8 What does GAAP stand for? a Guidelines for Auditors and Public accountants b Global Accounting and Auditing Protocols c Generally Accepted Accounting Principles 9 Which term describes money earned from operations before interest and taxes? a Net income b Gross margin c Operating income 10 Which inventory costing method assigns the earliest costs to COGS? a Weighted average b FIFO c LIFO

Froggy Jumps

Accounting Essentials QuizVersión en línea

Test your accounting skills

por Janwyne Sevilleno

What is the primary purpose of financial accounting?

To provide financial information to external users

To manage daily cash flow

To set company policies for employees

Which financial statement shows a company's assets, liabilities, and equity at a point in time?

Income statement

Cash flow statement

Balance sheet

Accrual accounting recognizes revenue when it is:

Received in cash

Earned, regardless of cash receipt

Paid to suppliers

Which cost concept matches expenses with the revenues they helped generate?

Cost principle

Matching principle

Conservatism principle

What is depreciation?

Allocating the cost of a tangible asset over its useful life

Allocating cash to expenses

Recording a market gain on assets

Which account type carries a normal credit balance?

Liabilities

Assets

Expenses

Which financial statement shows profitability over a period?

Income statement

Balance sheet

Statement of changes in equity

What does GAAP stand for?

Guidelines for Auditors and Public accountants

Global Accounting and Auditing Protocols

Generally Accepted Accounting Principles

Which term describes money earned from operations before interest and taxes?

Net income

Gross margin

Operating income

Which inventory costing method assigns the earliest costs to COGS?

Weighted average

FIFO

LIFO

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Accounting Essentials Quiz

Froggy Jumps

Sobre esta actividad

Creada por

Descarga la versión para jugar en papel

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Accounting Essentials QuizVersión en línea

por Janwyne Sevilleno

What is the primary purpose of financial accounting?

Which financial statement shows a company's assets, liabilities, and equity at a point in time?

Accrual accounting recognizes revenue when it is:

Which cost concept matches expenses with the revenues they helped generate?

What is depreciation?

Which account type carries a normal credit balance?

Which financial statement shows profitability over a period?

What does GAAP stand for?

Which term describes money earned from operations before interest and taxes?

Which inventory costing method assigns the earliest costs to COGS?

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