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Accounting Trivia

An illustration of an accountant surrounded by financial charts, calculators, and accounting books in a colorful and engaging style.

Accounting Trivia Challenge

Test your knowledge of accounting principles and fun facts with our engaging quiz! Perfect for anyone interested in finance, this quiz combines educational questions with interesting tidbits from the world of accounting.

14 challenging questions
Multiple choice answers
Learn about accounting standards and concepts

13 Questions3 MinutesCreated by CalculatingGuru42

Which famous rock band member started out in accounting?

Billy Joel

Alice Cooper

Elvis Presley

Mick Jagger

The risk- return trade off means the higher the risk involved in the investment, the higher the potential return.

True

False

Current ratio is: Current Assets/??

Non-Current Assets

Non-Current Liabilities

Current Liabilities

Owner's Equity

What does GAAP stand for?

Generally Acceptable Accounting Provisions

Generally Accepted Accounting Principles

Governance and Accountability Protocols

Generally Accepted Amortisation Principles

What are resources owned by a business called?

Revenue

Expenses

Assets

Liabilities

Owner's Equity

What is the normal balance of an expense account?

Debit

Credit

What is the amount collected from the sale of goods or services called?

Revenue

Expense

Asset

Liability

Owner's Equity

When revenue is greater than expense, you have a?

Cash Surplus

Net Loss

Cash Deficit

Net Profit

What is it called when your expenses are greater than your revenue?

Cash Surplus

Cash Deficit

Net Loss

Net Profit

What is the basic accounting equation

Assets = Liabilities + Owner's Equity

Assets + Owner's Equity = Liabilities

Liabilities - Owner's Equity = Assets

Assets + Liabilities = Owner's Equity

What is the basis of double entry accounting?

For every amount of cash received, there will be an equal amount of cash paid

Every transaction will impact two accounts.

For every debit, there is a corresponding credit

For every liability, there will be an expense

An accountant invented bubble gum. True or False.

True

False

The FBI employs more than 2000 accountants to help solve crimes. True or False.

True

False

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