You can browse all of our Q&A by topic or search for a specific question by using the search box found at the top of each page. For the past 52 years, Harold Averkamp (CPA, MBA) hasworked as an accounting supervisor, manager, consultant, university instructor, and innovator in teaching accounting online. He is the sole author of all the materials on AccountingCoach.com.
Balance Sheet (Practice Quiz)
Note that most of these questions have accompanying solutions but some do not. Please understand that I (Michael Celender) run this site on my own, and because there are hundreds of questions that have been submitted, I have not been able to answer every single one. Because of this I have also stopped accepting new submissions. Test yourself on the income statement with this 15-minute timed multiple-choice test. I would definitely recommend to time yourself when you practice each of these exercises.
Adjusting Entries Outline
The amount in the Supplies Expense account reports the amounts of supplies that were used during the time interval indicated in the heading of the income statement. A related account is Insurance Expense, which appears on the income statement. The amount in the Insurance Expense account should report the amount of insurance expense expiring benefits for the terminally ill during the period indicated in the heading of the income statement. Our Bookkeeping Video Training (13 videos) will help you build confidence as you increase your understanding of debits and credits, adjusting entries, transactions, and more. We have answered more than 1,100 of the most common accounting and bookkeeping questions.
Bookkeeping
If you’re looking for more advanced exercises, head over to our full accounting questions and answers page. The amount of insurance that was incurred/used up/expired during the period of time appearing in the heading of the income statement. The amount of insurance premiums that have not yet expired should be reported in the current asset account Prepaid Insurance. When taking accounting practice tests or quizzes initially focus on answering the questions to the best of your ability.
Accounting Illustrated is made in conjunction with AccountingPlay.com apps. The book combined with the cheat sheet and app resources creates a basic accounting curriculum. These materials can be used in conjunction with a basic accounting class. Other users will gain value from the resources for very specific concepts that prove challenging in the classroom and workplace.
- Purchased equipment costing $30,000 by paying $18,000 cash down and agreeing to pay the balance in 2 years.
- When you’re done, check the answers page at the end to see if you got them correctly.
- After almost a decade of experience in public accounting, he created MyAccountingCourse.com to help people learn accounting & finance, pass the CPA exam, and start their career.
- Depreciation is part of this question but you actually don’t need to know depreciation well at all to work this out.
- Supplies that are on hand (unused) at the balance sheet date are reported in the current asset account Supplies or Supplies on Hand.
- I have more practice tests and practice quizzes like the ones above.
These quizzes are a great way to practice accounting. Answering these questions efficiently will prepare you for your tests and quizzes. Click the orange text below the quiz to view the answers. Watch the video below each practice quiz to see further explanation on how to solve these accounting practice questions. Note that the questions listed below are basic accounting questions, meaning beginner to intermediate level.
C. For each of the following accounts, indicate whether it is an Asset, Liability, Income, or Expense. If it is an asset or a liability, specify whether it is current or non-current. Our Visual Tutorials are perfect for people who get overwhelmed studying jargon-filled accounting textbooks. Follow along step-by-step and we’ll explain the most important accounting topics in a more intuitive away. The answers to these questions will be the account name.
With 88 questions and exercises, this workbook will test you on all the accounting basics – from the basic accounting equation and journal entries to T-accounts, inventory and financial statements. Podcasts are a great way to learn for people who don’t have the time for more traditional learning. Practicing basic accounting questions is super important, it really helps one understand all the basic concepts in the subject. For this reason I’ve created this page listing quizzes and practice questions on fundamental accounting topics.