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Accounting Basics
(Practice Quiz)
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questions, learn more about this topic by
reading our Accounting Basics (Explanation).

1. The financial statement that reports the revenues and

expenses for a period of time such as a year or a month
is the

Balance Sheet
Income Statement
Statement Of Cash Flows

2. The financial statement that reports the assets,

liabilities, and stockholders' (owner's) equity at a specific
date is the

Balance Sheet
Income Statement
Statement Of Cash Flows

3. Under the accrual basis of accounting, revenues are

reported in the accounting period when the

Cash Is Received
Service Or Goods Have Been Delivered

4. Under the accrual basis of accounting, expenses are

reported in the accounting period when the

Cash Is Paid
Expense Matches The Revenues Or Is Used Up

5. Revenues minus expenses equals __________.

6. Resources owned by a company (such as cash,

accounts receivable, vehicles) are reported on the
balance sheet and are referred to as __________.

7. Assets are usually reported on the balance sheet at

which amount?

Cost
Current Market Value
Expected Selling Price

8. Obligations (amounts owed) are reported on the

balance sheet and are referred to as __________.

9. Liabilities often have the word __________ in their

account title.

10. Unearned Revenues is what type of account?

Asset
Liability
Stockholders' (Owner's) Equity

11. Accounting entries involve a minimum of how many

accounts?

One
Two
Three

12. The listing of all of the accounts available for use in a

company's accounting system is known as the
__________.

13. Assets minus liabilities equals __________.

14. Which term is associated with "left" or "left-side"?

Debit
Credit

15. Which term is associated with "right" or "right-side"?

Debit
Credit

16. When cash is received, the account Cash will be

Debited
Credited

17. When a company pays a bill, the account Cash will be

Debited
Credited

18. What will usually cause an asset account to increase?

Debit
Credit

19. What will usually cause the liability account Accounts

Payable to increase?

Debit
Credit

20. Entries to expenses such as Rent Expense are usually

Debits
Credits

21. Entries to revenues accounts such as Service

Revenues are usually

Debits
Credits

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Harold Averkamp (CPA, MBA) has worked as a
university accounting instructor, accountant, and
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