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Quiz about Basic Accounting 1
Quiz about Basic Accounting 1

Basic Accounting 1 Trivia Quiz


These are the basics of accounting and anyone can attempt this easy quiz.

A multiple-choice quiz by litacanrena. Estimated time: 3 mins.
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Author
litacanrena
Time
3 mins
Type
Multiple Choice
Quiz #
103,989
Updated
Dec 03 21
# Qns
10
Difficulty
Average
Avg Score
8 / 10
Plays
7930
Last 3 plays: gogetem (10/10), Guest 198 (10/10), Guest 206 (3/10).
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Question 1 of 10
1. What are resources owned by a business called? Hint


Question 2 of 10
2. What are the factors that a business owes or needs to pay called? Hint


Question 3 of 10
3. Can assets can be classified into fixed and current assets?


Question 4 of 10
4. What are individuals or organisations that owe amounts to a business known as? Hint


Question 5 of 10
5. What is another name for outstanding expenses? Hint


Question 6 of 10
6. What is the initial investment by an owner of a sole trader (sole proprietorship) or partnership business called? Hint


Question 7 of 10
7. What term is used for day-to-day dealings that involve the exchange of goods and services for cash? Hint


Question 8 of 10
8. Which of the following is the accounting equation? Hint


Question 9 of 10
9. Which is the most important feature of bookkeeping? Hint


Question 10 of 10
10. Which of these is the most important feature of accounting? Hint



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Most Recent Scores
Mar 27 2024 : gogetem: 10/10
Mar 27 2024 : Guest 198: 10/10
Mar 25 2024 : Guest 206: 3/10
Mar 25 2024 : Guest 2: 10/10
Mar 23 2024 : Guest 76: 9/10
Mar 23 2024 : Guest 103: 6/10
Mar 22 2024 : Guest 117: 8/10
Mar 22 2024 : Guest 117: 6/10
Mar 21 2024 : Guest 143: 8/10

Score Distribution

quiz
Quiz Answer Key and Fun Facts
1. What are resources owned by a business called?

Answer: Assets

Assets are essential to any business. Some last for long periods of time and can assist in generating profits.
2. What are the factors that a business owes or needs to pay called?

Answer: Liabilities

Liabilities include all loans, outstanding expenses, creditors, and mortgages, etc.
3. Can assets can be classified into fixed and current assets?

Answer: Yes

Fixed or capital assets can assist in earning profits. Current assets are expected to be realized in cash, sold or consumed within one year or one operating cycle of the business.
4. What are individuals or organisations that owe amounts to a business known as?

Answer: Debtors

Debtors are people or other businesses that have to pay you for something. A loan or anyone who has purchased goods on credit are two examples.
5. What is another name for outstanding expenses?

Answer: Accruals

These are expenses incurred during an accounting period, but are unrecorded because payment is not due.
6. What is the initial investment by an owner of a sole trader (sole proprietorship) or partnership business called?

Answer: Capital

Capital can be in the form of machines, cash or goods.
7. What term is used for day-to-day dealings that involve the exchange of goods and services for cash?

Answer: Business Transactions

All transactions affect the accounting equation. Some transactions are internal and do not involve any outside parties.
8. Which of the following is the accounting equation?

Answer: Assets = Capital + Liabilities

Also called the balance sheet equation, it is the basis for financial accounting information.
9. Which is the most important feature of bookkeeping?

Answer: Recording transactions

Bookkeeping is the journalizing or recording of transactions and other events within a business.
10. Which of these is the most important feature of accounting?

Answer: Recording transactions and financial activity

All the options are important features but the most important is the recording function. Any error made in the recording will result to an erroneous interpretation. Hence, interpreting the accounts alone is not as important because erroneous interpretation leads to a wrong decision.
Source: Author litacanrena

This quiz was reviewed by FunTrivia editor Brainyblonde before going online.
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