Search Header Logo

Basic Bookkeeping Concepts Quiz

Authored by Lauren Axelrod

Business

10th Grade

DOK Level 2: Skill/Concept covered

Used 2+ times

Basic Bookkeeping Concepts Quiz
AI

AI Actions

Add similar questions

Adjust reading levels

Convert to real-world scenario

Translate activity

More...

    Content View

    Student View

22 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the Accounting Cycle refer to?

An account that tracks how much money a company owes its creditors.

A report that reflects assets, liabilities, and owner's equity.

A method of recording revenue and expenses when they occur.

A multi-step process of identifying, analyzing, and recording a company's financial transactions.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which account tracks how much money a company owes its creditors?

Transaction Journal

General Ledger

Accounts Payable

Accounts Receivable

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is Accrual Accounting?

Recording revenue when money is exchanged.

An account tracking money due from customers.

Recording revenue and expenses when they occur, not when money is exchanged.

A method of reducing asset values at equal amounts over the useful lifetime.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does COGS stand for?

Cash on General Sales

Cost of Goods Sold

Cash on Goods Sold

Cost on General Sales

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which method assumes the oldest items in inventory are sold first?

Double-Entry Accounting

Straight-Line Depreciation

FIFO

LIFO

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a Balance Sheet?

A method of recording transactions in chronological order.

A cumulative record of employee earnings.

A financial report showing profit or loss.

A report that reflects assets, liabilities, and owner's equity at a specifically defined moment.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the Double-Entry Accounting system involve?

Recording only the debit entries for each transaction.

Recording transactions only when cash is exchanged.

Tracking only the expenses of a company.

Using equal debit and credit entries for each financial transaction to maintain balance.

Access all questions and much more by creating a free account

Create resources

Host any resource

Get auto-graded reports

Google

Continue with Google

Email

Continue with Email

Classlink

Continue with Classlink

Clever

Continue with Clever

or continue with

Microsoft

Microsoft

Apple

Apple

Others

Others

Already have an account?