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Quiz about Financial Accounting
Quiz about Financial Accounting

Financial Accounting Trivia Quiz


Basic Accounting Terminology.

A multiple-choice quiz by hamr0014. Estimated time: 3 mins.
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Author
hamr0014
Time
3 mins
Type
Multiple Choice
Quiz #
54,040
Updated
Dec 03 21
# Qns
10
Difficulty
Average
Avg Score
7 / 10
Plays
5055
Awards
Top 20% Quiz
Last 3 plays: Guest 206 (1/10), Guest 175 (9/10), Guest 2 (10/10).
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Question 1 of 10
1. These are economic resources with the ability or potential to provide future benefits? Hint


Question 2 of 10
2. When revenue is greater than expenses, you have a ___? Hint


Question 3 of 10
3. Assets - Liabilities = ____? Hint


Question 4 of 10
4. Which financial statement shows the results of the operating activities of a firm for a specific period of time? Hint


Question 5 of 10
5. This statement reports the net cash flows relating to operating, investing, and financing activities for a period of time? Hint


Question 6 of 10
6. Which government agency has the authority to set acceptable accounting methods in the U.S.? Hint


Question 7 of 10
7. The amount of cash paid in acquiring an asset is called what? Hint


Question 8 of 10
8. Which is an example of an intangible asset? Hint


Question 9 of 10
9. Earnings that a firm realizes in excess of dividends are called what? Hint


Question 10 of 10
10. A ____ lists each of the accounts in the general ledger with its balance as of a particular date. What is it? Hint



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Most Recent Scores
Mar 26 2024 : Guest 206: 1/10
Mar 26 2024 : Guest 175: 9/10
Mar 19 2024 : Guest 2: 10/10
Mar 15 2024 : Guest 91: 10/10
Mar 15 2024 : Guest 210: 8/10
Mar 14 2024 : Guest 131: 10/10
Mar 11 2024 : Guest 82: 7/10
Mar 07 2024 : Guest 186: 8/10
Mar 06 2024 : Guest 27: 7/10

Score Distribution

quiz
Quiz Answer Key and Fun Facts
1. These are economic resources with the ability or potential to provide future benefits?

Answer: Assets

2. When revenue is greater than expenses, you have a ___?

Answer: Net profit

3. Assets - Liabilities = ____?

Answer: Shareholder's Equity

4. Which financial statement shows the results of the operating activities of a firm for a specific period of time?

Answer: Income Statement

5. This statement reports the net cash flows relating to operating, investing, and financing activities for a period of time?

Answer: Statement of Cash Flows

6. Which government agency has the authority to set acceptable accounting methods in the U.S.?

Answer: SEC

The SEC is the Securities Exchange Commission. The FAA is the Federal Aviation Administration, and the EEOC is the Equal Employment Opportunities Commission.
7. The amount of cash paid in acquiring an asset is called what?

Answer: Historical Cost

8. Which is an example of an intangible asset?

Answer: Patent

9. Earnings that a firm realizes in excess of dividends are called what?

Answer: Retained Earnings

10. A ____ lists each of the accounts in the general ledger with its balance as of a particular date. What is it?

Answer: Trial Balance

Source: Author hamr0014

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