Accounting Basics Quiz

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Fundamentals of accounting

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ROSANA TUGUINAY

Philippines

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Froggy Jumps Accounting Basics QuizOnline version Fundamentals of accounting by ROSANA TUGUINAY 1 What is the economic resource a company owns called? a Asset b Revenue c Liability 2 What represents the company’s obligation to settle a future outflow? a Equity b Liability c Asset 3 What does equity represent in financial statements? a Owner’s claim after liabilities b Future revenues c Cash on hand 4 Which side of a double-entry system increases assets or decreases liabilities? a Credit b Expense c Debit 5 What principle requires recording revenues and expenses when earned or incurred? a Accrual basis b Conservatism c Cash basis 6 Which financial statement shows income and expenses over a period? a Balance sheet b Statement of cash flows c Income statement 7 What does GAAP stand for? a General Accounting and Auditing Practices b Greatly Accepted Accounting Protocols c Generally Accepted Accounting Principles 8 What type of account increases with a credit entry? a Asset accounts b Expense accounts c Liability and Equity accounts 9 Which method allocates the cost of tangible assets over their useful life? a Impairment b Amortization c Depreciation 10 What categorizes the business activities into events, like sales and purchases? a Trial balance b Chart of accounts c Financial statement

Froggy Jumps

Accounting Basics QuizOnline version

Fundamentals of accounting

by ROSANA TUGUINAY

What is the economic resource a company owns called?

Asset

Revenue

Liability

What represents the company’s obligation to settle a future outflow?

Equity

Liability

Asset

What does equity represent in financial statements?

Owner’s claim after liabilities

Future revenues

Cash on hand

Which side of a double-entry system increases assets or decreases liabilities?

Credit

Expense

Debit

What principle requires recording revenues and expenses when earned or incurred?

Accrual basis

Conservatism

Cash basis

Which financial statement shows income and expenses over a period?

Balance sheet

Statement of cash flows

Income statement

What does GAAP stand for?

General Accounting and Auditing Practices

Greatly Accepted Accounting Protocols

Generally Accepted Accounting Principles

What type of account increases with a credit entry?

Asset accounts

Expense accounts

Liability and Equity accounts

Which method allocates the cost of tangible assets over their useful life?

Impairment

Amortization

Depreciation

What categorizes the business activities into events, like sales and purchases?

Trial balance

Chart of accounts

Financial statement

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Accounting Basics Quiz

Froggy Jumps

About this activity

Created by

Download the paper version to play

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Accounting Basics QuizOnline version

by ROSANA TUGUINAY

What is the economic resource a company owns called?

What represents the company’s obligation to settle a future outflow?

What does equity represent in financial statements?

Which side of a double-entry system increases assets or decreases liabilities?

What principle requires recording revenues and expenses when earned or incurred?

Which financial statement shows income and expenses over a period?

What does GAAP stand for?

What type of account increases with a credit entry?

Which method allocates the cost of tangible assets over their useful life?

What categorizes the business activities into events, like sales and purchases?

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