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How to Begin (Video)

Accounting Basics
(Practice Quiz)
01. Accounting Basics
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02. Debits and Credits
Harold Averkamp
CPA, MBA
03. Chart of Accounts

04. Bookkeeping

05. Accounting Equation 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.
06. Accounting Principles

07. Financial Accounting If you have difficulty answering the following questions, learn more about this topic by reading our
Accounting Basics (Explanation).
08. Adjusting Entries

09. Financial Statements

1. Which financial statement reports the revenues and expenses for a period of time such as a year or a month?
10. Balance Sheet

11. Working Capital and Liquidity Balance Sheet

Income Statement
Statement Of Cash Flows

12. Income Statement

2. Which financial statement reports the assets, liabilities, and stockholders' (owner's) equity at a specific date?
13. Cash Flow Statement
Balance Sheet
Income Statement
Statement Of Cash Flows
14. Financial Ratios

15. Bank Reconciliation 3. Under the accrual basis of accounting, revenues are reported in the accounting period when which of the
following occurs?
16. Accounts Receivable and Bad

Debts Expense Cash Is Received

Services Or Goods Have Been Delivered

17. Accounts Payable

4. Under the accrual basis of accounting, expenses are reported in the accounting period when which of the
18. Inventory and Cost of Goods Sold following occurs?

19. Depreciation Cash Is Paid

An Expense Matches The Revenues Or Is Used Up

20. Payroll Accounting

5. Revenues minus expenses equals __________.
21. Bonds Payable

22. Stockholders' Equity 6. Resources owned by a company (such as cash, accounts receivable, vehicles) are reported on the balance she
and are referred to as __________.
23. Present Value of a Single Amount

24. Present Value of an Ordinary 7. Assets are usually reported on the balance sheet at which amount?
Annuity
Cost
Current Market Value
Expected Selling Price
25. Future Value of a Single Amount

26. Nonprofit Accounting 8. Obligations (amounts owed) are reported on the balance sheet and are referred to as __________.

27. Break-even Point

9. Liabilities often have the word __________ in their account title.
28. Improving Profits

29. Evaluating Business Investments

10. Unearned Revenues is what type of account?
30. Manufacturing Overhead
Asset
Liability
Stockholders' (Owner's) Equity
31. Nonmanufacturing Overhead

32. Activity Based Costing 11. Accounting entries involve a minimum of how many accounts?

33. Standard Costing One

Two
Three

Accounting Careers
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 __________.

Course Outline Search any accounting term... PRO Features Log In

14. Which term is associated with "left" or "left side"?

Debit
Credit
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15. Which term is associated with "right" or "right side"?
How to Begin (Video)
Debit
Credit

01. Accounting Basics 16. When cash is received, the account Cash will be __________.

02. Debits and Credits Debited

Credited

03. Chart of Accounts

17. When a company pays a bill, the account Cash will be __________.
04. Bookkeeping
Debited
Credited
05. Accounting Equation

06. Accounting Principles 18. What will usually cause an asset account to increase?

07. Financial Accounting Debit

Credit

08. Adjusting Entries

19. What will usually cause the liability account Accounts Payable to increase?
09. Financial Statements
Debit
Credit
10. Balance Sheet

11. Working Capital and Liquidity 20. Entries to expenses such as Rent Expense are usually __________.

12. Income Statement

Debits
Credits
13. Cash Flow Statement
21. Entries to revenues accounts such as Service Revenues are usually __________.
14. Financial Ratios
Debits
Credits
15. Bank Reconciliation

16. Accounts Receivable and Bad

Debts Expense Want more practice questions?

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17. Accounts Payable
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18. Inventory and Cost of Goods Sold

19. Depreciation

20. Payroll Accounting

21. Bonds Payable Mark the Practice Quiz as Complete

22. Stockholders' Equity

23. Present Value of a Single Amount

24. Present Value of an Ordinary Accounting Basics Outline Your Progress

Annuity

25. Future Value of a Single Amount Read our Explanation (7 Parts) free
0%
26. Nonprofit Accounting
Take our Practice Quiz free YOU ARE HERE

27. Break-even Point

Review our Q&A free
28. Improving Profits
Review our Flashcards
29. Evaluating Business Investments
Solve our Word Scramble free
30. Manufacturing Overhead

31. Nonmanufacturing Overhead Solve our Crossword Puzzle #1 free

32. Activity Based Costing Solve our Crossword Puzzle #2 free

33. Standard Costing Review our Cheat Sheet

Accounting Careers
Take our Quick Test #1