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Quiz about Accounting For Kids
Quiz about Accounting For Kids

Accounting For Kids! Trivia Quiz


Accounting is considered the language of business and is a very important part of a successful business. Find out how much you know about accounting by taking this quiz.

A multiple-choice quiz by Buddy1. Estimated time: 5 mins.
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Author
Buddy1
Time
5 mins
Type
Multiple Choice
Quiz #
320,600
Updated
Dec 03 21
# Qns
10
Difficulty
Tough
Avg Score
6 / 10
Plays
1592
Last 3 plays: Guest 200 (1/10), Guest 190 (5/10), Guest 190 (10/10).
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Question 1 of 10
1. Which is not one of the five classifications of accounts? Hint


Question 2 of 10
2. What side of a T account is the debit side? Hint


Question 3 of 10
3. Which financial statement includes the account "Petty Cash"? Hint


Question 4 of 10
4. Which of these financial statements applies to a single point in time? Hint


Question 5 of 10
5. Suppose an owner wanted to invest some of his own money into the company. What type of source document would be needed? Hint


Question 6 of 10
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? Hint


Question 7 of 10
7. If you make a sale, the "sales" account increases. On what side of the T account does "sales" increase? Hint


Question 8 of 10
8. Which of the following accounts must be closed at the end of the year? Hint


Question 9 of 10
9. What type of date does a postdated check have written on it? Hint


Question 10 of 10
10. Suppose an account is debited for $50 and another account is credited for $40. What amount is needed for the transaction to balance? Hint



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Most Recent Scores
Sep 26 2024 : Guest 200: 1/10
Sep 19 2024 : Guest 190: 5/10
Sep 19 2024 : Guest 190: 10/10
Sep 19 2024 : Guest 190: 9/10
Sep 19 2024 : Guest 190: 6/10
Sep 19 2024 : Guest 190: 0/10
Sep 19 2024 : Guest 69: 7/10
Sep 06 2024 : bernie73: 2/10
Sep 04 2024 : masfon: 8/10

Score Distribution

quiz
Quiz Answer Key and Fun Facts
1. Which is not one of the five classifications of accounts?

Answer: sales

Sales is an account title, not a classification. It is a type of revenue account. The five classifications of accounts are assets, liabilities, equities, revenues, and expenses.
2. What side of a T account is the debit side?

Answer: left

The debit side of any account is the left side. The credit side of any account is the right side.
3. Which financial statement includes the account "Petty Cash"?

Answer: balance sheet

Petty Cash can be found on a balance sheet, which consists of the assets, liabilities, and some of the equity accounts that a business has. Petty Cash is an asset account that consists of a small amount of cash that is used when writing a check would not make sense.
4. Which of these financial statements applies to a single point in time?

Answer: balance sheet

The balance sheet only applies to a single point in time. When writing the date on the balance sheet, only the date is written. For example, only "December 31, 2010" would be written. For the other financial statements, the date is written as "For the Year Ended December 31, 2010" to show the financial statement covers a year.
5. Suppose an owner wanted to invest some of his own money into the company. What type of source document would be needed?

Answer: receipt

The appropriate source document would be a receipt, a type of written acknowledgment that money has been exchanged for goods or services.
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?

Answer: memorandum

The appropriate source document would be a memorandum. A memorandum is a brief message describing the business transaction. Since the money hasn't been given to the second company yet, there is no check.
7. If you make a sale, the "sales" account increases. On what side of the T account does "sales" increase?

Answer: credit

Sales is a revenue account, because it generates income for a business. Revenues, like liabilities, increase on the credit side.
8. Which of the following accounts must be closed at the end of the year?

Answer: Advertising Expense

To close an account means to reduce the temporary accounts, so that they have a balance of $0. Revenue and expense accounts are closed. Since Advertising Expense is an expense account, it must be closed. Cash and Inventory are asset accounts and state unemployment tax (SUTA) is a liability.
9. What type of date does a postdated check have written on it?

Answer: future date

A postdated check is a check that has a future date on it. Many banks will not accept a check that is postdated.
10. Suppose an account is debited for $50 and another account is credited for $40. What amount is needed for the transaction to balance?

Answer: credit of $10

For a transaction to balance, the debits must equal the credits. Currently, the credits are $10 less than debits; therefore a credit of $10 is needed, so that the debits of $50 equal the credits of $50.
Source: Author Buddy1

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