Accounting Essentials Quiz

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Fundamentals of accounting

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Mary Justine Sta. Ana

Philippines

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Accounting Essentials Quiz


Froggy Jumps Accounting Essentials QuizOnline version Fundamentals of accounting by Mary Justine Sta. Ana 1 What is the step-by-step process used by businesses to record, organize, summarize, and report financial transactions called? a Accounting Cycle b General Ledger c Trial Balance 2 Which term describes an economic event that directly affects a business's financial position and can be measured in monetary terms? a Business Transaction b Ledger Posting c General Journal 3 What is the fundamental Accounting Equation? a Assets + Liabilities = Owner's Equity b Assets = Liabilities + Owner's Equity c Assets = Liabilities - Owner's Equity 4 Why is the general journal often referred to as the "book of original entry"? a It contains individual accounts for cash, supplies, and equipment. b It is where transactions are first recorded before posting elsewhere. c It summarizes all debit and credit balances to check equality. 5 Which of the following best describes the main difference between a journal and a ledger? a The journal checks account balance equality, while the ledger lists business transactions. b The journal is created at the end of the period, while the ledger is created first. c The journal records transactions chronologically, while the ledger organizes by specific accounts. 6 What is the primary purpose of preparing a Trial Balance? a To verify whether total debit balances equal total credit balances. b To determine total profits earned by the business. c To list all the company's owner investments and expenses. 7 Which side of an account is the credit side? a Right Side b Top Side c Left Side 8 If total debits equal total credits on a Trial Balance, the ledger is said to be what? a Closed b Balanced c Overdue 9 What is the term for transferring entries from the journal to the ledger? a Posting b Journalizing c Printing

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Accounting Essentials Quiz

Froggy Jumps

About this activity

Created by

Download the paper version to play

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Accounting Essentials QuizOnline version

by Mary Justine Sta. Ana

What is the step-by-step process used by businesses to record, organize, summarize, and report financial transactions called?

Which term describes an economic event that directly affects a business's financial position and can be measured in monetary terms?

What is the fundamental Accounting Equation?

Why is the general journal often referred to as the "book of original entry"?

Which of the following best describes the main difference between a journal and a ledger?

What is the primary purpose of preparing a Trial Balance?

Which side of an account is the credit side?

If total debits equal total credits on a Trial Balance, the ledger is said to be what?

What is the term for transferring entries from the journal to the ledger?