Menu
Accounting Basics
(Practice Quiz)
Print PDF
For multiple-choice and true/false questions,
simply press or click on what you think is the
correct answer. For fill-in-the-blank questions
press or click on the blank space provided.
If you have difficulty answering the following
questions, learn more about this topic by
reading our Accounting Basics (Explanation).
1. The financial statement that reports the revenues and
expenses for a period of time such as a year or a month
is the
Balance Sheet
Income Statement
Statement Of Cash Flows
2. The financial statement that reports the assets,
liabilities, and stockholders' (owner's) equity at a specific
date is the
Balance Sheet
Income Statement
Statement Of Cash Flows
3. Under the accrual basis of accounting, revenues are
reported in the accounting period when the
Cash Is Received
Service Or Goods Have Been Delivered
4. Under the accrual basis of accounting, expenses are
reported in the accounting period when the
Cash Is Paid
Expense Matches The Revenues Or Is Used Up
5. Revenues minus expenses equals __________.
6. Resources owned by a company (such as cash,
accounts receivable, vehicles) are reported on the
balance sheet and are referred to as __________.
7. Assets are usually reported on the balance sheet at
which amount?
Cost
Current Market Value
Expected Selling Price
8. Obligations (amounts owed) are reported on the
balance sheet and are referred to as __________.
9. Liabilities often have the word __________ in their
account title.
10. Unearned Revenues is what type of account?
Asset
Liability
Stockholders' (Owner's) Equity
11. Accounting entries involve a minimum of how many
accounts?
One
Two
Three
12. The listing of all of the accounts available for use in a
company's accounting system is known as the
__________.
13. Assets minus liabilities equals __________.
14. Which term is associated with "left" or "left-side"?
Debit
Credit
15. Which term is associated with "right" or "right-side"?
Debit
Credit
16. When cash is received, the account Cash will be
Debited
Credited
17. When a company pays a bill, the account Cash will be
Debited
Credited
18. What will usually cause an asset account to increase?
Debit
Credit
19. What will usually cause the liability account Accounts
Payable to increase?
Debit
Credit
20. Entries to expenses such as Rent Expense are usually
Debits
Credits
21. Entries to revenues accounts such as Service
Revenues are usually
Debits
Credits
Want more practice questions?
Receive instant access to our graded Quick
Tests (more than 1,800 unique test questions)
when you join AccountingCoach PRO.
Mark as Complete
Accounting Basics Outline
Read our Explanation (7 Parts) free
Take our Practice Quiz free YOU ARE HERE
Review our Q&A free
Review our Flashcards
Solve our Word Scramble free
Solve our Crossword Puzzle #1 free
Solve our Crossword Puzzle #2 free
Review our Cheat Sheet
Take our Quick Test #1
Take our Quick Test #2
Your Progress
0%
Certificates of
Achievement
We now offer four Certificates of Achievement for
Introductory Accounting and Bookkeeping. The certificates
include Debits and Credits, Adjusting Entries, Financial
Statements, and Working Capital and Liquidity. Click here to
learn more.
PRO Testimonial
“ "AccountingCoach PRO is an
exceptional service. It not only
provides all the essential material to
succeed in learning accounting and
finance, but also explains all the
relevant details that make the
difference when you need to
understand the complexity of
accounting systems. As a
communication trainer and business
coach, I had to pick up the language of
accounting in no time in order to
communicate more effectively with my
clients. This website's benefits have
exceeded my expectations. Many
thanks for your great support." -
Theirry F.
View PRO Features →
Join PRO or PRO Plus
and Get Lifetime Access to
Our Premium Materials
Read all 2,112 Testimonials
PRO PRO Plus
Lifetime Access Lifetime Access
Seminar Videos
Flashcards
Visual Tutorials
Quick Tests
Quick Tests with Coaching
Cheat Sheets
Business Forms
All PDF files
Progress Tracking
Certificate - Debits and Credits
Certificate - Adjusting Entries
Certificate - Financial Statements
Certificate - Working Capital
Learn More
About the Author
Harold Averkamp (CPA, MBA) has worked as a
university accounting instructor, accountant, and
consultant for more than 25 years. He is the sole
author of all the materials on AccountingCoach.com
About us
Materials
Legal
Copyright © 2004 - 2019
AccountingCoach, LLC. All rights reserved.
AccountingCoach® is a registered trademark.
