Average Round
Fundamentals of Accounting Quiz
Test your knowledge of accounting principles with this engaging quiz designed for students and professionals alike. Challenge yourself with 10 multiple-choice questions that cover essential topics in accounting.
- Understand the core phases of accounting
- Explore key accounting assumptions
- Learn about the impact of transactions on equity
What are the 4 phases of accounting?
Recording-Summarizing-Classifying-Interpreting
Recording-Classifying-Summarizing-Interpreting
Recording-Interpreting-Summarizing-Classifying
Recording-Classifying-Interpreting-Summarizing
It is the ability to quantify assets, liabilities, and the equity in terms of a unit of measure. It also assumes the stability of pesos.
Materiality
Cost Principle/ Historical Cost
Monetary Unit Assumption
Accrual Basis
In Accounting, the term debit is used to indicate:
Increase in Liability and Equity
Decrease in Liability and Equity
Increase in Asset and Liability
Decrease in Asset and Liability
Branch of Accounting that focused on the allocation of the resources and funds of the national government.
Government Accounting
Tax Accounting
Management Accounting
Auditing
Which of the following items has no effects in owner‘s equity/capital?
Incurring Expenses
Withdrawals of owner
Acquisition of Land
Earning Revenue
A Revenue or income
Increases Asset and Equity/Capital
Increases Assets and Liabilities
Increases Assets and Decreases Equity/Capital
No Effects
This is prepared to check the equality of debits and credits.
T-Account
Balance Sheet
Ledger
Trial Balance
An investment by the owner in the business increases the
Asset and Equity/Capital
Assets and Liabilities
Liabilities and Equity/Capital
Assets only
The decrease in the usefulness of property and equipment as time passes is called
Contra-Assets
Consumption
Deterioration
Depreciation
What type of account is Prepaid Expense
Expense
Current Assets
Non-Current Assets
Property, Plant and Equipment
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