Quiz Answer Key and Fun Facts
1. Which is not one of the five classifications of accounts?
2. What side of a T account is the debit side?
3. Which financial statement includes the account "Petty Cash"?
4. Which of these financial statements applies to a single point in time?
5. Suppose an owner wanted to invest some of his own money into the company. What type of source document would be needed?
6. Suppose a company buys supplies from a second company but won't pay for it until later. What type of source document would the first company need?
7. If you make a sale, the "sales" account increases. On what side of the T account does "sales" increase?
8. Which of the following accounts must be closed at the end of the year?
9. What type of date does a postdated check have written on it?
10. Suppose an account is debited for $50 and another account is credited for $40. What amount is needed for the transaction to balance?
Source: Author
Buddy1
This quiz was reviewed by FunTrivia editor
Snowman before going online.
Any errors found in FunTrivia content are routinely corrected through our feedback system.