Chart of Accounts Quiz

Chart of Accounts Quiz

11th Grade

5 Qs

quiz-placeholder

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Chart of Accounts Quiz

Chart of Accounts Quiz

Assessment

Passage

Mathematics

11th Grade

Hard

Created by

SHIELA CAAB

FREE Resource

5 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of the chart of accounts?

To identify where the money is coming from and where it is going

To organize office supplies

To schedule company meetings

To plan employee vacations

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How are the accounts listed and numbered in the chart of accounts?

Owner's equity first, followed by assets, expenses, revenue, and liabilities

Liabilities first, followed by assets, expenses, revenue, and owner's equity

Expenses first, followed by revenue, owner's equity, liabilities, and assets

Asset first, followed by liabilities, owner's equity, revenue, and expenses

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the number 185 indicate in the chart of accounts?

It is a revenue account

It is a contra liability account of furniture

It is an expense account

It is a contra asset account of furniture

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How should a business formulate a chart of accounts?

Based on random numbers

Based on its needs

Based on alphabetical order

Based on employee birthdays

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What should businesses use to promote comparability in their chart of accounts?

Account titles that are randomly generated

Account titles that are in a foreign language

Account titles that conform to the Philippine financial reporting standards and Industry practices

Account titles that are based on employee names