Accounting Vocabulary Quiz

Accounting Vocabulary Quiz

9th Grade

22 Qs

quiz-placeholder

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Accounting Vocabulary Quiz

Accounting Vocabulary Quiz

Assessment

Quiz

Business

9th Grade

Hard

Created by

Anne Dougherty

Used 2+ times

FREE Resource

22 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a General Ledger?

A record of all financial transactions

A visual representation of an account

A system where every transaction affects two accounts

A specific time frame for financial reporting.

Answer explanation

A General Ledger is a comprehensive record of all financial transactions within an organization, making 'A record of all financial transactions' the correct choice. It serves as the foundation for financial reporting.

2.

MATCH QUESTION

30 sec • 1 pt

Match the following accounting terms with their definitions:

Total revenue equals total costs.

Break-Even Point

Measures profitability

Profit Margin

Measures short-term financial health

Liquidity

Ability to meet short-term obligations

Current Ratio

3.

DRAG AND DROP QUESTION

30 sec • 1 pt

Revenue is recorded when (a)   , not necessarily when cash is received.

earned

spent

saved

invested

Answer explanation

Revenue is recognized when it is earned, meaning the goods or services have been provided, regardless of when cash is actually received. This aligns with the accrual basis of accounting.

4.

DROPDOWN QUESTION

30 sec • 1 pt

Expenses are recorded in the same period as the (a)   they help generate.

costs

revenues

profits

losses

Answer explanation

Expenses are matched with the revenues they help generate, following the matching principle in accounting. This ensures that financial statements accurately reflect the performance of a business during a specific period.

5.

DROPDOWN QUESTION

30 sec • 1 pt

The direct cost of producing goods sold during a period is known as (a)   . A) Revenue B) Expenses C) Cost of Goods Sold (COGS) D) Payroll.

Revenue

Expenses

Cost of Goods Sold (COGS)

Payroll

Answer explanation

The direct cost of producing goods sold is referred to as Cost of Goods Sold (COGS). It represents the expenses directly tied to the production of goods, making COGS the correct choice over the other options.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the method of depreciation where an equal amount is allocated each year?

Declining Balance

Straight-Line Depreciation

FIFO

LIFO

Answer explanation

The method of depreciation that allocates an equal amount each year is called Straight-Line Depreciation. This approach evenly spreads the cost of an asset over its useful life, making it straightforward and easy to calculate.

7.

MATCH QUESTION

30 sec • 1 pt

Match the following inventory methods with their descriptions:

C

LIFO

D

FIFO

A

Perpetual Inventory

B

Periodic Inventory

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