Quiz 47: Accounting and Bookkeeping Quiz

Test your knowledge of double entry bookkeeping with our accounting and bookkeeping quiz.

If you need a refresher course on this topic you can view our basics of bookkeeping tutorials here.

Start the Accounting and Bookkeeping Quiz

Click on an answer to reveal whether its Right! or Wrong. Answer True or False to each of the following questions.

1. Assets are recorded in the accounting records at replacement cost?
Wrong
Right!
2. Payment of a cash dividend increases stockholders equity?
Right!
Wrong

 

3. The accounting equation is Assets = Liabilities + Equity?
Right!
Wrong
4. The income statement shows the assets and liabilities of a business?
Wrong
Right!
5.Accounts payable is a liability account?
Wrong
Right!
6. Expenses are the necessary costs incurred to earn revenue?
Right!
Wrong
7. Revenue is included in the income statement when cash is received?
Wrong
Right!
8. Accounts receivable is an income statement account?
Right!
Wrong
9. Revenue is shown on the balance sheet?
Right!
Wrong
10. Beginning retained earnings are zero for a new business?
Right!
Wrong

 

 

 

 

Try Another Double Entry Bookkeeping Quiz

The accounting and bookkeeping quiz is one of many of our online quizzes which can be used to test your knowledge of double entry bookkeeping, discover another at the links below.

Last modified July 16th, 2019 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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