
Accounting Quiz
Quiz
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Others
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10th Grade
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Practice Problem
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Hard
Maye Austria
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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary rule in bookkeeping?
Assets are things of value owned by a business
Owner's equity refers to the interest of the owner in the assets of a business
Credit is on the right side of an account journal
Debit is on the left side of an account journal
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of a balance sheet?
To report the amount of merchandise sold and valued at selling price
To show the financial position of the business with assets, liabilities, and owner's equity
To compute the expense balance from cash payment and balance sheet data
To summarize revenue items and expenses
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is recorded on the left side of an account journal?
Sales
Debit
Profit
Credit
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the income statement summarize?
Depreciation
Expenses
Revenue items
Net profit
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are current assets in a business?
The interest of the owner in the assets of a business
Assets that do not come within the definitions of current or fixed assets
Assets that in normal operation are expected to be converted into cash
Assets that are required for long term use
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the amount of merchandise sold and valued at selling price?
Purchase
Sales
Receivables
Proprietorship
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the expense balance computed from in the income statement?
Revenue Items
Depreciation
Expense Items
Appreciation
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