
Accounting Quiz
Authored by Justin Madison
Business
12th Grade

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30 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are accounts used to accumulate information from one fiscal period to the next called?
Temporary accounts
Nominal accounts
Real accounts
Capital accounts
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is another name for permanent accounts?
Temporary accounts
Real accounts
Nominal accounts
Capital accounts
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What type of accounts are used to accumulate information until it is transferred to the owner’s capital account?
Permanent accounts
Real accounts
Temporary accounts
Capital accounts
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Temporary accounts are also referred to as what?
Permanent accounts
Real accounts
Nominal accounts
Capital accounts
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the journal entries used to prepare temporary accounts for a new fiscal period called?
Opening entries
Adjusting entries
Closing entries
Reversing entries
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What must be done to the temporary account balances at the end of each fiscal period?
They must be carried forward to the next period.
They must be reduced to zero.
They must be doubled.
They must be reported to tax authorities.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What type of balance does the Income Summary account have when revenue is greater than total expenses?
No balance
Debit balance
Credit balance
Zero balance
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