Accounting Terminology Quiz

Accounting Terminology Quiz

12th Grade

100 Qs

quiz-placeholder

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Accounting Terminology Quiz

Accounting Terminology Quiz

Assessment

Quiz

Other

12th Grade

Practice Problem

Hard

Created by

Nick Cantrell

Used 2+ times

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100 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the basic storage unit for accounting data used to accumulate amounts from similar transactions?

Accounts Payable

Accounts Receivable

Accounts

Accrued Interest

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What term describes claims against the farm or ranch business which have yet to be paid?

Accounts Receivable

Accounts Payable

Accrued Interest

Adjusted Basis

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the term for amounts owed to the farm or ranch business for products sold or services rendered?

Accounts Payable

Accrued Interest

Accounts Receivable

Adjusted Basis

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which accounting method includes gross income and expenses in the period in which they are earned or incurred, regardless of when payment is received?

Accrual Accounting Method

Adjusted Basis

Amortization

Allocation

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the term for interest owed but not yet paid?

Accrued Interest

Accounts Payable

Accounts Receivable

Adjusted Basis

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the original cost of an asset plus the value of any improvement or alterations less the amount of depreciation, losses, or depletion?

Accrued Interest

Adjusted Basis

Accounts Receivable

Allocation

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who is a person legally vested with the right of administration of an estate?

Beneficiary

Administrator/Administratrix

Allocator

Appraiser

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