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Accounting Quiz

Authored by Tertia Coffee

Business

8th Grade

Accounting Quiz
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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who is known as the 'Father of Accounting'?

Isaac Newton

Albert Einstein

Tertia Coffee

Luca Pacioli

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the formal definition of Accounting?

The art of writing

The study of ancient civilizations

The management of personal finances

The process of collecting and processing financial data

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does a T-account represent in accounting?

A type of financial statement

A loan agreement

A visual representation of debits and credits

A method of budgeting

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the accounting equation?

Assets - Liabilities = Owner's Equity

Assets = Owner's Equity + Liabilities

Assets + Liabilities = Owner's Equity

Owner's Equity = Assets + Liabilities

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are assets?

Income generated by the business

Items of value owned by a business

Money owed to the business

Expenses incurred by the business

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of financial statements?

To calculate taxes

To manage inventory

To report financial results and position

To track employee performance

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What principle states that business and owner finances must be kept separate?

Historical cost principle

Business entity principle

Matching principle

Conservatism principle

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