FREE! Click here to Join FunTrivia. Thousands of games, quizzes, and lots more!

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.

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

One at a Time - Single Page - Timed Game

Question 1 of 10

1. Which is not one of the five classifications of accounts? Hint

equities

assets

sales

expenses

NEXT>

Question 2 of 10

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

left

it depends on the account classification

right

the debit side could be either side

NEXT>

Question 3 of 10

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

balance sheet

statement of retained earnings

income statement

none of these

NEXT>

Question 4 of 10

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

statement of cash flow

income statement

balance sheet

statement of retained earnings

NEXT>

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

memorandum

sales invoice

receipt

check

NEXT>

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

sales receipt

memorandum

check

receipt

NEXT>

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

debit

credit

depends on the type of sale

both debit and credit

NEXT>

Question 8 of 10

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

Cash

Advertising Expense

Inventory

State Unemployment Tax

NEXT>

Question 9 of 10

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

past date

future date

present date

non-existent date

NEXT>

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

debit of $10

credit of $10

credit of $90

no other amount is needed

(Optional) Create a Free FunTrivia ID to save the points you are about to earn:

Select a User ID:

Choose a Password:

Your Email:

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.
Any errors found in FunTrivia content are routinely corrected through our feedback system.