Search Header Logo

Financial Accounting Quiz

Authored by Onelisa undefined

Others

1st Grade

10 Questions

Used 1+ times

Financial Accounting Quiz
AI

AI Actions

Add similar questions

Adjust reading levels

Convert to real-world scenario

Translate activity

More...

    Content View

    Student View

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which financial statement reports the revenues and expenses for a period of time such as a year or a month?

The retained earnings statement

The balance sheet

The income statement

The statement of cash flows

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Under the accrual basis of accounting, revenues are reported in the accounting period, when which of the following occurs?

When the cash is received

When the services or goods have been delivered

When the invoice is sent

When the payment is made

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Revenues minus expenses equals:

Net income

Gross margin

Gross profit

Operating income

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Liabilities often have in their account title, the word:

Receivable

Payable

Due to

Losses

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Accounting entries involve a minimum of how many accounts?

Four

Two

Three

One

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Assets minus liabilities equals:

Net profit

Total revenue

Stockholders equity or owner's equity

Bottom line

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which term is associated with 'left' or 'left side'?

Expense

Income

Credit

Debit

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?