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. 10th step of Accounting Cycle






2. 6th step of Accounting Cycle






3. Unearned revenue






4. Balance Sheet Assets






5. Interest Revenue






6. Current Assets






7. 2nd step of analyzing transactions






8. 2nd step of Accounting Cycle






9. Relevance






10. 3rd step of analyzing transactions






11. Accounting Equation






12. Intangibles






13. Note Payable






14. Accumlated depreciation






15. Accts on balance sheet






16. Calculating Cost depreciation






17. Customer deposits






18. Accounts Recievable






19. Current Ratio






20. 7th step of Accounting Cycle






21. Sales revenue






22. Accts on Statement of Retained Earnings






23. Income Statement Revenues






24. 9th step of Accounting Cycle






25. Income Satement Expenses






26. Inventory






27. Balance sheet Equity






28. Going Concern






29. Cost of Goods Sold






30. Calculating Interest Formula






31. Interest Expense






32. 4th step of analyzing transactions






33. Prepaid insurance






34. Balance Sheet Liabilities






35. Common Stock






36. Monetary Unit






37. Utilities expense






38. Conservatism






39. 4th step of Accounting Cycle






40. Multistep Income Statement






41. Materiality

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42. Reliability






43. Consistency






44. Closing Entries






45. NonCurrent Assets






46. Understandability






47. 8th step of Accounting Cycle






48. Dividends






49. Economic Equity






50. Profit Margin %