Quiz 35: Account Identification Quiz

Identifying the account type (asset, liability, revenue, or expense), is an important part of the accounting transaction analysis process. Test your knowledge of double entry bookkeeping and accounting with our online account identification quiz.

Not ready for the account identification quiz?

If you need a refresher course on this topic update your knowledge using our tutorial on the accounting transaction analysis process.

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Click on an answer to reveal whether its Right! or Wrong

1. Is cash an asset, liability, revenue or expense?
Wrong
Right!
Wrong
2. Is the amount due from customers an asset, liability, revenue or expense?
Right!
Wrong
Wrong
3. Is the amount owed to suppliers an asset, liability, revenue or expense?
Wrong
Right!
Wrong

 

4. Is plant and equipment an asset, liability, revenue or expense?
Wrong
Wrong
Right!
5. Is the amounts owed to employees an asset, liability, revenue or expense?
Wrong
Wrong
Right!
6. Is a salary expense an asset, liability, revenue or expense?
Right!
Wrong
Wrong
7. Is inventory an asset, liability, revenue or expense?
Wrong
Right!
Wrong
8. Is a loan from a bank an asset, liability, revenue or expense?
Right!
Wrong
Wrong
9. Is fee income an asset, liability, revenue or expense?
Right!
Wrong
Wrong
10. Is a prepayment an asset, liability, revenue or expense?
Wrong
Wrong
Right!

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Last modified December 14th, 2016 by Michael Brown

About the Author

Chartered accountant Michael Brown is the founder and CEO of Double Entry Bookkeeping. He has worked as an accountant and consultant for more than 25 years in all types of industries. He has been the CFO or controller of both small and medium sized companies and has run small businesses of his own. He has been a manager and an auditor with Deloitte, a big 4 accountancy firm, and holds a BSc from Loughborough University.

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