Introduction to financial accounting Fill-in-the-blank quiz
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Question: 1
A branch of accounting that generates reports and information for the use of internal management for decision making purpose is known as
.
Question: 2
A branch of accounting that generates reports and information for the use of internal as well as various external parties is known as
.
Question: 3
Investors, lenders, and suppliers are examples of
users of accounting information provided by a business entity.
Question: 4
Assets = Liabilities +
.
Question: 5
is the foundation of double entry system.
Question: 6
The accounting equation remains in
after each valid business transaction.
Question: 7
If total value of assets is $100,000 and owner's equity is amounting to $60,000, the liabilities of the business must be equal to
.
Question: 8
When a valid business transaction occurs, an increase on one side of accounting equation is balanced either by a corresponding
on the same side or by a corresponding
on the other side.
Question: 9
is known as the father of modern double entry accounting.
Question: 10
The first book on double entry system of accounting was written in
.
Question: 11
Under
of accounting, the two aspects of each transaction are recorded.
Question: 12
The information about number and titles of accounts maintained by an entity is usually available in its
.
Question: 13
The left hand side of a T-account is known as
side and the right hand side is known as
side.
Question: 14
The collection or group of accounts maintained by a business is collectively known as
.
Question: 15
The term
is abbreviated as Dr.
Question: 16
The term credit is abbreviated as
.
Question: 17
Recording depreciation on fixed assets is a(n)
transaction.
Question: 18
An account format in which balance is updated after each transaction is known as
account format.
Question: 19
An event that impacts the financial position of a business and that is measureable in terms of money is known as
.
Question: 20
The business transaction is also known as
transaction.
Question: 21
Every valid business transaction affects at least
accounts.
Question: 22
If the normal balance of an account is credit, any decrease would be recorded on
side of that account.
Question: 23
The normal balance of all liability accounts are
.
Question: 24
A manager is considered a(n)
user of accounting information of an entity.
Question: 25
For indexing and verification, each account in a chart of accounts is assigned a
.
Question: 26
The normal balance of all asset and expense accounts is
.
Question: 27
The normal balance of all revenue and equity accounts is
.
Question: 28
According to modern classification of accounts, furniture account is a(n)
account.
Question: 29
According to traditional classification of accounts, the John's account is a
account.
Question: 30
The normal balance of a contra revenue account would be
.
Question: 31
According to traditional classsification, the purchases account is a
account.
Question: 32
The normal balance of an asset account is debit. The normal balance of any contra asset account would therefore be
.
Question: 33
According to modern classification of accounts, the sales account is a(n)
account.
Question: 34
The normal balance of liability accounts is creddit. Therefore, any increase in a liability is recorded on the
side and any decrease is recorded on the
side of the relevant liability account.
Question: 35
The normal balance of a contra account is
to the normal balance of the relevant normal account.
Question: 36
When capital/equity increases, its account is
.
Question: 37
Sales returns and allowances account is an example of
revenue account.
Question: 38
According to traditional classification of accounts, accounts related to persons and organizations are classified as
.
Question: 39
The contra accounts are also termed as
.
Question: 40
According to traditional classification, accounts related to tangible and intangible properties are classified as
.
Superb
Some questions talk about history which I found it to be difficult comply with regards to my countries accounting system