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Financial Accounting Trivia Quiz

Basic Accounting Terminology.

A multiple-choice quiz by hamr0014. Estimated time: 3 mins.

Author
hamr0014

Time
3 mins

Type
Multiple Choice

Quiz #
54,040

Updated
Dec 03 21

# Qns
10

Difficulty
Average

Avg Score
7 / 10

Plays
5099

Awards
Top 20% Quiz

Last 3 plays: Renidus (10/10), Guest 23 (10/10), Guest 93 (3/10).

One at a Time - Single Page - Timed Game

Question 1 of 10

1. These are economic resources with the ability or potential to provide future benefits? Hint

Shareholder's Equity

Assets

Liabilities

Retained Earnings

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Question 2 of 10

2. When revenue is greater than expenses, you have a ___? Hint

Historical Valuation

Net Loss

Net profit

Contributed Capital

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Question 3 of 10

3. Assets - Liabilities = ____? Hint

Revenue

Net Income

Shareholder's Equity

Net Loss

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Question 4 of 10

4. Which financial statement shows the results of the operating activities of a firm for a specific period of time? Hint

Balance Sheet

Income Statement

Statement of Cash Flow

Trial Balance sheet

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Question 5 of 10

5. This statement reports the net cash flows relating to operating, investing, and financing activities for a period of time? Hint

Statement of Cash Flows

Comparative Balance Sheet

Income Statement

Unadjusted Trial Balance

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Question 6 of 10

6. Which government agency has the authority to set acceptable accounting methods in the U.S.? Hint

FAA

SEC

EEOC

State Department

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Question 7 of 10

7. The amount of cash paid in acquiring an asset is called what? Hint

Current Replacement Cost

Present Value

Net Realizable Cost

Historical Cost

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Question 8 of 10

8. Which is an example of an intangible asset? Hint

Cash

Building

Equipment

Patent

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Question 9 of 10

9. Earnings that a firm realizes in excess of dividends are called what? Hint

Income Statement

Revenue

Retained Earnings

Expenses

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Question 10 of 10

10. A ____ lists each of the accounts in the general ledger with its balance as of a particular date. What is it? Hint

General Journal

Trial Balance

Balance Sheet

Statement of retained earnings

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Most Recent Scores

Nov 10 2024 : Renidus: 10/10
Nov 08 2024 : Guest 23: 10/10
Oct 30 2024 : Guest 93: 3/10
Oct 23 2024 : Guest 193: 4/10
Oct 22 2024 : Guest 193: 7/10
Oct 21 2024 : Guest 109: 6/10
Oct 21 2024 : Guest 80: 6/10
Oct 21 2024 : Guest 193: 5/10
Oct 20 2024 : Guest 174: 6/10

Score Distribution

Quiz Answer Key and Fun Facts

1. These are economic resources with the ability or potential to provide future benefits?

Answer: Assets

2. When revenue is greater than expenses, you have a ___?

Answer: Net profit

3. Assets - Liabilities = ____?

Answer: Shareholder's Equity

4. Which financial statement shows the results of the operating activities of a firm for a specific period of time?

Answer: Income Statement

5. This statement reports the net cash flows relating to operating, investing, and financing activities for a period of time?

Answer: Statement of Cash Flows

6. Which government agency has the authority to set acceptable accounting methods in the U.S.?

Answer: SEC

The SEC is the Securities Exchange Commission. The FAA is the Federal Aviation Administration, and the EEOC is the Equal Employment Opportunities Commission.

7. The amount of cash paid in acquiring an asset is called what?

Answer: Historical Cost

8. Which is an example of an intangible asset?

Answer: Patent

9. Earnings that a firm realizes in excess of dividends are called what?

Answer: Retained Earnings

10. A ____ lists each of the accounts in the general ledger with its balance as of a particular date. What is it?

Answer: Trial Balance

Source: Author hamr0014

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