Fundamentals of Accounting Quiz

Fundamentals of Accounting Quiz

12th Grade

13 Qs

quiz-placeholder

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Fundamentals of Accounting Quiz

Fundamentals of Accounting Quiz

Assessment

Quiz

Life Skills

12th Grade

Easy

Created by

Charlot Dacera

Used 2+ times

FREE Resource

13 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary purpose of special journals?

To eliminate the need for a general ledger

To group similar transactions together

To record only cash transactions

To record all transactions individually

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a type of special journal?

Cash receipts journal

Inventory journal

Sales journal

Purchases journal

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is recorded in the sales journal?

Purchases on account

Sales on account

Cash payments

Cash sales

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which document serves as evidence of cash received?

Official receipt

Purchase order

Delivery receipt

Invoice

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the term 'posting' refer to in accounting?

Transferring information to the ledger

Preparing financial statements

Closing the accounts

Recording transactions in the journal

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a characteristic of a ledger?

It is used only for cash transactions

It records transactions in chronological order

It eliminates the need for journals

It summarizes increases and decreases of individual accounts

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the first step in the accounting cycle?

Preparing the trial balance

Identifying and analyzing transactions

Journalizing transactions

Posting to the ledger

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