Basic Accounting Quiz

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Think you’ve mastered accounting basics? Test core concepts with this interactive Basic Accounting Quiz for students, beginners, and learners.

Category Education

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What is the primary purpose of accounting?

1. To track financial transactions
2. To manage employee schedules
3. To prepare marketing plans
4. To design products

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Which financial statement shows a company's assets, liabilities, and equity?

1. Cash Flow Statement
2. Statement of Retained Earnings
3. Balance Sheet
4. Income Statement

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What does 'liabilities' represent in accounting?

1. Company expenses
2. Company profits
3. What the company owes
4. What the company owns

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Which accounting principle requires expenses to be recorded when incurred, not when paid?

1. Conservatism Principle
2. Cost Principle
3. Revenue Recognition Principle
4. Matching Principle

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What is 'depreciation' in accounting?

1. Increase in asset value
2. Allocation of asset cost over time
3. Revenue earned
4. Payment of liabilities

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Which account type is increased by a debit?

1. Liabilities
2. Revenue
3. Equity
4. Assets

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What does the term 'double-entry bookkeeping' mean?

1. Each transaction affects two accounts
2. Only revenues are recorded
3. Transactions are recorded twice
4. Only expenses are recorded

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Which financial statement reports revenues and expenses over a period?

1. Cash Flow Statement
2. Income Statement
3. Balance Sheet
4. Statement of Owner's Equity

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What is 'accounts receivable'?

1. Money owed to suppliers
2. Company debts
3. Company profits
4. Money owed by customers

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Which accounting term means the owner’s claim on assets?

1. Revenue
2. Equity
3. Liabilities
4. Assets

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What is the accounting equation?

1. Assets = Liabilities + Equity
2. Assets = Equity - Liabilities
3. Assets = Revenue + Expenses
4. Assets = Liabilities - Equity

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Which account increases with a credit?

1. Dividends
2. Assets
3. Liabilities
4. Expenses

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Which document authorizes payment to a supplier?

1. Invoice
2. Check
3. Receipt
4. Purchase Order

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Which of the following is NOT an asset?

1. Equipment
2. Inventory
3. Cash
4. Accounts Payable

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31 - Select Answer

Which financial statement shows cash inflows and outflows?

1. Income Statement
2. Balance Sheet
3. Statement of Owner's Equity
4. Cash Flow Statement

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33 - Select Answer

Which of the following is classified as an expense?

1. Utilities
2. Inventory
3. Accounts Receivable
4. Equipment

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