Chart of Accounts Quiz

Chart of Accounts Quiz

11th Grade

10 Qs

quiz-placeholder

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Chart of Accounts Quiz

Chart of Accounts Quiz

Assessment

Quiz

Mathematics

11th Grade

Hard

Created by

Ildelyn Domingo

Used 2+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary purpose of a chart of accounts?

To record daily transactions

To organize account titles and facilitate recording

To prepare financial statements

To calculate business profits

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT typically a major division in a chart of accounts?

Assets

Liabilities

Inventory

Expenses

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a numerical coding system, which number range is commonly used for expense accounts?

100s

200s

400s

500s

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the term "account name" refer to in a chart of accounts?

The numerical code assigned to an account

The description of the account's purpose

The category used to track specific financial items

The balance of the account at a given time

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a key benefit of using a standardized chart of accounts?

It eliminates the need for bookkeeping

It guarantees profit for the business

It ensures uniform recording across the organization

It replaces the need for financial statements

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a typical chart of accounts, where would you find "Accounts Receivable"?

Liabilities section

Assets section

Income section

Expense section

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of using account numbers in a chart of accounts?

To calculate the account balance

To quickly identify the account classification

To determine the account's importance

To set a limit on the number of accounts

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