
Accounting in Real Life
Authored by Jobeecute Jobeecute
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Professional Development
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When you check your wallet before going out to see if you can afford dinner, which accounting concept are you applying?
Accrual Basis
Going Concern
Budgeting
Conservatism
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Splitting the bill evenly with friends at a restaurant is similar to which accounting principle?
Matching Principle
Cost Principle
Revenue Recognition
Fair Allocation
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When you set aside part of your monthly salary for your vacation fund, what’s the accounting equivalent?
Depreciation
Accrual
Provision
Capitalization
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Checking your online shopping cart total before clicking “Checkout” is like which step in accounting?
Posting to Ledger
Trial Balance
Adjusting Entries
Closing Entries
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When your phone’s battery drains faster because of many apps running, what’s the accounting analogy?
Depreciation
Amortization
Accrual
Matching Principle
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Keeping receipts for warranty claims is similar to which accounting concept?
Revenue Recognition
Matching Principle
Evidence/Source Documents
Materiality
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When you pay a down payment for a sofa today but settle the balance later, what accounting term applies?
Accounts Payable
Accounts Receivable
Prepaid Expense
Unearned Revenue
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