Receive instant access to our entire collection of premium materials, including our 1,800+ test questions. 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. To make this test more realistic, time yourself to make sure that you’re not just getting the correct answers but also answering at the right speed.

The account format that displays debits, credits, balances, and headings.

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. 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.

Depreciation is part of this question the entry to adjust the accounts for salaries but you actually don’t need to know depreciation well at all to work this out. For your convenience, difficulty levels and time limits are stated at the beginning of each of these exercises. If you need a refresher course on this topic you can view our bookkeeping basics tutorials here. Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness. Please note that the solution sheet on the next page only shows the solutions and not whether you got each of the questions right or wrong.

Basic Accounting Questions: Quizzes, Multiple-Choice and More

It’ll help you find the question you’re looking for, or at least something close. Test yourself on the income statement with this 15-minute timed multiple-choice test. Chartered accountant Michael Brown is the founder and CEO of Double Entry Bookkeeping. He has worked as an accountant and consultant for more than 25 years and has built financial models for all types of industries. He has been the CFO or controller of both small and medium sized companies and has run small businesses of his own. He has been a manager and an auditor with Deloitte, a big 4 accountancy firm, and holds a degree from Loughborough University.

Which financial statement shows a company’s financial position at a specific point in time?

Note that the questions listed below are basic accounting questions, meaning beginner to intermediate level. If you’re looking for more advanced exercises, head over to our full accounting questions and answers page. Almost 700 unique accounting questions with PDF available inside with questions, answers, and explanations. Learn accounting and finance concepts fast and fun using contents from lessons covered in the Accounting Flashcards App.

Income Statement Multiple-Choice Quiz

Shaun Conrad is a Certified Public Accountant and CPA exam expert with a passion for teaching. 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. This is a great exercise and similar to the one just above, but covers many are employee loans a good idea more types of transactions and includes a grid for you to complete (as shown here). Note that this exercise includes transactions for a trading business (purchase and sale of goods).

Time Value of Money

Because of this I have also stopped accepting new submissions.
If you need a refresher course on this topic you can view our bookkeeping basics tutorials here.
Once you have completed the test here (and written down your answers), click on the Check Your Answers button at the bottom of this page and you will go to a new page with the solutions.
Depreciation is part of this question but you actually don’t need to know depreciation well at all to work this out.
There are hundreds of questions posted all around this website.

This is a great exercise for testing your understanding of the different accounts that are affected by some basic transactions. Note that this is a beginner exercise and does revenue recognition principles not cover a trading business (purchase and sale of goods). The first part of the solution contains just the names of the accounts, while the optional second part shows the journal entries. It’ll test your understanding of the accounting equation and its main elements – assets, liabilities and owner’s equity. Test your Accounting knowledge with the below accounting quizzes.

All of these questions and exercises will help you prepare very well for your tests and exams. As we all know, the basic accounting equation is the foundation of accounting, so you better know this well. Double Entry Bookkeeping is here to provide you with free online information to help you learn and understand bookkeeping and introductory accounting. There are hundreds of questions posted all around this website. If you’re looking for a question on a specific accounting topic and didn’t find it above, use this site search bar.

This is a nice little question on the sale and purchase of fixed (or non-current) assets. Once you have completed the test here (and written down your answers), click on the Check Your Answers button at the bottom of this page and you will go to a new page with the solutions.

Basic Accounting Quiz: Asset and Liability Balance Sheet Categories

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. For the past 52 years, Harold Averkamp (CPA, MBA) has worked as an accounting supervisor, manager, consultant, university instructor, and innovator in teaching accounting online.

He has been the CFO or controller of both small and medium sized companies and has run small businesses of his own.
For this reason I’ve created this page listing quizzes and practice questions on fundamental accounting topics.
For the past 52 years, Harold Averkamp (CPA, MBA) hasworked as an accounting supervisor, manager, consultant, university instructor, and innovator in teaching accounting online.
The first part of the solution contains just the names of the accounts, while the optional second part shows the journal entries.
Test your Accounting knowledge with the below accounting quizzes.

One thing I would recommend is to practice these accounting questions according to a set time frame. This can really help you get used to exam settings and ensure you’re not taking too long to complete each question. For each item below, write down what is required on a piece of paper. You can check your answers later through the link at the end of the quiz.

The first part of the solution contains the accounts affected (in the grid), while the second part shows the full journal entries. If you wish to take an accounting quiz please do so by first choosing a quiz from the Popular Quiz list below. Note that there is no time limit to answer the questions, and you can have as many goes at answering each question as you like. Why not try one of our accounting quizzes and test your knowledge of bookkeeping and accounting.