Test your basic knowledge |

Business Accounting Basics

Subject : business-skills
Instructions:
  • Answer 50 questions in 15 minutes.
  • If you are not ready to take this test, you can study here.
  • Match each statement with the correct term.
  • Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.

This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. Cash Principle






2. Multistep Income Statement






3. Balance Sheet Liabilities






4. 2nd step of analyzing transactions






5. Going Concern






6. 2nd step of Accounting Cycle






7. 6th step of Accounting Cycle






8. Accumlated depreciation






9. 9th step of Accounting Cycle






10. Current Ratio






11. Balance Sheet Assets






12. 7th step of Accounting Cycle






13. Consistency






14. Income Satement Expenses






15. Reliability






16. Accts on balance sheet






17. Accounting Equation






18. Goodwill






19. Utilities expense






20. Accounts Recievable






21. Calculating Net Income






22. Calculating Interest Formula






23. Economic Equity






24. Monetary Unit






25. Prepaid insurance






26. Note Payable






27. 1st Step of Analying Transactions






28. 5th step of Accounting Cycle






29. 1st step of Accounting Cycle






30. Income Statement Revenues






31. Current Assets






32. 8th step of Accounting Cycle






33. Interest Revenue






34. Materiality






35. Understandability






36. NonCurrent Liabilities






37. Intangibles






38. Dividends






39. Closing Entries






40. Customer deposits






41. Accts on Statement of Retained Earnings






42. Calculating Cost depreciation






43. Accounts on Income Statement






44. Relevance






45. 4th step of Accounting Cycle






46. Inventory






47. Common Stock






48. Balance sheet Equity






49. Cost of Goods Sold






50. Interest Expense