QUIZ TIME

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ACCOUNTING 1

Directions:
1. Write down your answers on your yellow paper.

2. Strictly no opening of notes.

3. Strictly no talking to classmates

4. Not following instructions will not be accepted

regardless if the answer is correct.

5. Questions will be flashed for 45 seconds.

QUIZ TIME
 QUIZ TIME

Quiz Categories

YES / NO T R U E / FA L S E M U LT I P L E C H O I C E

I D E N T I F I C AT I O N
PART ONE
 YES / NO
QUESTION 1

Equity is the residual

interest in the assets of
an entity after
deducting all its
liabilities.
 YES / NO
QUESTION 2

Nominal accounts are

permanent accounts
with balances carried
forward to the next
accounting period.
 YES / NO
QUESTION 3

The normal balance of

expense is credit.
 YES / NO
QUESTION 4

Account balance is the

difference between the
total debits and the total
credits of each account.
 YES / NO
QUESTION 5

Cash is any item used as

standard medium of
exchange that the bank
will accept at face
value.
 YES / NO
QUESTION 6

Losses are decreases in

economic benefits
during the accounting
period in the form of
outflows .
 YES / NO
QUESTION 7

Accounts payable are

claims against customer
arising from sale of
goods or service on
account in an ordinary
course of business
 YES / NO
QUESTION 8

Prepaid expenses are

expenses paid in advance
such as prepaid load,
prepaid rent, and prepaid
insurance.
 YES / NO
QUESTION 9

Assets are resources

controlled by the entity as a
result of past events and
from which future benefits
are expected to flow to the
entity.
 YES / NO
QUESTION 10

Increase in Equity
=
Decrease in Liabilities
PART TWO
EAST CORDALE SCHOOL QUIZ TIME

TRUE QUESTION 2

Global warming is a
condition where there
or
is an excess of carbon
dioxide.
FALSE
PART TWO
PART TWO
EAST CORDALE SCHOOL QUIZ TIME

M U LT I P L E C H O I C E

QUESTION 3

My sister got sad yesterday.

We ___________ to buy her the cake she requested.

A Forget C Was forgetting

B Forgot D Have forgotten

EAST CORDALE SCHOOL QUIZ TIME

M U LT I P L E C H O I C E

QUESTION 3

My sister got sad yesterday.

We ___________ to buy her the cake she requested.

A Forget C Was forgetting

B Forgot D Have forgotten

EAST CORDALE SCHOOL QUIZ TIME

FILL IN THE BLANKS

QUESTION 4

The difference between

“principal” and “principle” is
PART THREE
DIFFICULT ROUND
EAST CORDALE SCHOOL QUIZ TIME

E N U M E R AT I O N 1

2
QUESTION 5

List the four main 3

branches of science.
4
EAST CORDALE SCHOOL QUIZ TIME

THANK YOU!

Send your answers as

a private message to me.

TEACHER ADRIANNE