Accounting Vocab

Accounting Vocab

9th - 12th Grade

19 Qs

quiz-placeholder

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Accounting Vocab

Accounting Vocab

Assessment

Quiz

Financial Education

9th - 12th Grade

Hard

Created by

Jennifer Miller

Used 7+ times

FREE Resource

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19 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a checking account?
A bank account for receiving wire transfers
A bank account for investing in stocks
A bank account for ordering payments
A bank account for saving money

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of a debit card?
To withdraw cash from an ATM
To transfer funds between accounts
To deposit money into a checking account
To automatically deduct the amount of a purchase from the checking account

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the difference between a credit and a debit in accounting?
A credit increases assets and decreases liabilities, while a debit decreases assets and increases liabilities
A credit decreases assets and increases liabilities, while a debit increases assets and decreases liabilities
A credit increases assets and decreases owner's equity, while a debit decreases assets and increases owner's equity
A credit decreases assets and increases owner's equity, while a debit increases assets and decreases owner's equity

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a petty cash slip?
A form showing proof of a petty cash payment
A form for depositing money into a petty cash fund
A form for withdrawing money from a petty cash fund
A form for transferring funds to a petty cash fund

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the difference between cash basis accounting and accrual basis accounting?
Cash basis accounting is more accurate than accrual basis accounting
Cash basis accounting records revenues and expenses when cash is received or paid, while accrual basis accounting records revenues and expenses when they are earned or incurred
Cash basis accounting is used by large corporations, while accrual basis accounting is used by small businesses
Cash basis accounting records revenues and expenses when they are earned or incurred, while accrual basis accounting records revenues and expenses when cash is received or paid

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of the cost of goods sold (COGS) in accounting?
To calculate the net income of a company
To calculate the value of a company's inventory
To calculate the total expenses of a company
To calculate the cost of producing or purchasing the products that a company sells

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an electronic funds transfer?
A manual cash payments system
A computerized cash payments system
A paper-based cash payments system
A phone-based cash payments system

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