Basic Accounting online Test

There is only one type of accounting, and it is used for all of a businees's reporting needs.


The basic accounting equation is:


Revenues are earned when the customer is billed.


The principle which requires that expenses be accrued or deferred is the:


Cash had a balance of $100 and it has a balance of $200 after I made this journal entry. I must have:


I want to make a journal entry to increase accounts payable, so I credit that account.


The body responsible for promulgating U.S. Generally Accepted Accounting Principles is the:


What do we call the process of transferring the balances of nominal accounts to the retained earning account, thereby starting those nominal accounts fresh for the next period?


The concept that a legal business entity, such as a corporation or a partnership, is separate from its owners is called the:


Which of the following revenue recognition methods is generally used in business?












Description:

A test to determine if you could pass a basic bookkeeping or accounting class.

Discussion

Sibtain Abbas

best for entry level

5 days 10 hours 44 minutes ago

Rasheed

I haven't seen this type of quiz, however i had more knowledge while doing this quiz, it is very important to anyone, and it create more experiance to alll

91 days 9 hours 51 minutes ago

shibu

its very useful for me.. give me some other model question

1190 days 14 hours 5 minutes ago

shravan

SUPER

1396 days 3 hours 33 minutes ago

monika rani

I want more question related to basic accounting and finance..

1401 days 7 hours 45 minutes ago

monika rani

please can u give me more question realted to finance..This was beneficial for me....

1401 days 7 hours 55 minutes ago

Barry Sims
Experienced Accounting and Finance Tutor with CPA
User
9 Followers
Tests: 2

Your Facebook Friends on WizIQ

More Tests By Author

Basic Concepts in Corporate Finance
10 Questions | 1409 Attempts