2026

Business & Finance

Accounting Essentials Quiz

A concise assessment covering key principles, statements, and transaction recording techniques for intermediate finance students.

#GAAP#financial statements#accounting principles#audit readiness#balance sheet#journal entries#bookkeeping basics

Quiz Intelligence

Total Questions

7

Difficulty Level

medium

Progress

0/0

0%

Quiz Questions

Answer all questions below and test your knowledge.

1
Which financial statement reports a company’s cash inflows and outflows during a period?
Question 1
2
Identify the account that is classified as a current asset.
Question 2
3
Under accrual accounting, revenue is recognized when:
Question 3
4
Which accounting principle mandates that expenses be recorded in the same period as the revenues they generate?
Question 4
5
A firm buys equipment for $20,000 in cash. Which account receives a debit entry?
Question 5
6
Which depreciation method allocates an equal expense amount each year over an asset’s useful life?
Question 6
7
When a trial balance shows total debits equal total credits, what does this indicate?
Question 7

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Accounting Essentials Quiz

Quiz Intelligence

Quiz Questions

Which financial statement reports a company’s cash inflows and outflows during a period?

Identify the account that is classified as a current asset.

Under accrual accounting, revenue is recognized when:

Which accounting principle mandates that expenses be recorded in the same period as the revenues they generate?

A firm buys equipment for $20,000 in cash. Which account receives a debit entry?

Which depreciation method allocates an equal expense amount each year over an asset’s useful life?

When a trial balance shows total debits equal total credits, what does this indicate?