Home   »   Quizzes   »  Accounting Quizzes   »   Accounting Basics

Accounts Basics

NOTE: For multiple-choice and true/false questions, simply place your cursor over what you think is the correct answer. (There is no need to click the answer.) For fill-in-the-blank questions place your cursor over the _________.

If you have any difficulty answering the questions, learn more about this topic by reading our mini-lectures covering introductory to accounting basics.


 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

If you have any difficulty answering the questions, learn more about this topic by reading our mini-lectures covering introductory to accounting basics.

Go Top

Contact us

If you ’re after some specific information let us know, or if you are interested in supporting our work and would like to contribute, you are welcome to make a small donation. It will be a great help and will surely be appreciated.