Basic Accounting Concepts Quiz
Authored by Holly Johnson
Financial Education
12th Grade
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5 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the term for an entry on the right side of an account?
Debit
Slide
Credit
Footing
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which type of account is kept open from one accounting period to the next?
T account
Permanent account
Drawing account
Temporary account
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a T account used for?
To record owner's withdrawal of cash
To analyze the effects of a business transaction
To list the accounts used by a business
To test the accuracy of total debits and credits
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the term for an accounting error involving misplaced digits in a number?
Classification
Footing
Slide
Transposition
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of a trial balance?
To show the sum of the entries in a column
To test the accuracy of total debits and credits after transactions have been recorded
To identify each account as an asset, liability, or owner's equity
To record the effects of each transaction as debits and credits
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