Basic Accounting Quiz for Teens

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Simple second-year accounting

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TATIANA DANIELA DIAZ MORENO

El Salvador

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Basic Accounting Quiz for Teens


Basic Accounting Quiz for TeensVersión en línea Simple second-year accounting por TATIANA DANIELA DIAZ MORENO 1 What is the basic equation of accounting? a Revenue − Expenses = Net income b Cash Flow = Inflows − Outflows c Assets = Liabilities + Equity d Assets + Liabilities = Equity 2 Which entry records money received from a customer who buys on credit? a Debit Accounts Payable, Credit Revenue b Debit Accounts Receivable, Credit Cash c Debit Cash, Credit Accounts Receivable d Debit Revenue, Credit Cash 3 Which financial statement shows income and expenses over a period? a Balance Sheet b Income Statement c Statement of Changes in Equity d Cash Flow Statement 4 What is double-entry bookkeeping? a Only one account is affected per transaction b Only cash accounts are affected c Every transaction affects at least two accounts d All transactions affect three or more accounts 5 Which account type typically has a debit balance? a Revenue b Equity c Liabilities d Assets 6 What do we call the money a business earns from selling goods or services? a Revenue b Expense c Asset d Liability 7 What is a trial balance used for? a To prepare cash forecasts b To record payroll c To check equality of debits and credits d To calculate net income 8 If you purchase supplies on credit, which accounts are affected? a Expense and Cash b Supplies (Asset) and Accounts Payable (Liability) c Cash and Revenue d Equity and Revenue 9 Which period costs are recorded as expenses in the period they are incurred? a Depreciation only b Accrual basis concept c Cash basis only d Inventory method 10 What is depreciation? a Loss of asset value to zero b Allocating the cost of a tangible asset over its useful life c Immediate expense of full cost d Reduction of revenue over time

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Basic Accounting Quiz for Teens

Test

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Creada por

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Verbos irregulares en Inglés

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Tipos de sintagmas (II)

Basic Accounting Quiz for TeensVersión en línea

por TATIANA DANIELA DIAZ MORENO

What is the basic equation of accounting?

Which entry records money received from a customer who buys on credit?

Which financial statement shows income and expenses over a period?

What is double-entry bookkeeping?

Which account type typically has a debit balance?

What do we call the money a business earns from selling goods or services?

What is a trial balance used for?

If you purchase supplies on credit, which accounts are affected?

Which period costs are recorded as expenses in the period they are incurred?

What is depreciation?