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Fundamental Accounting 2018

Quiz by Rachel Nally

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25 questions
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  • Q1
    The process of originally recording a business transaction in the accounting records is termed ______.
  • Q2
    Temporary capital accounts start each fiscal period with ______.
    both debit and credit balances
    debit balances
    credit balances
    zero balances
  • Q3
    If liabilities total $2,000 and the owner’s equity totals $18,000, the asset value is ______.
    $ 18,000
    $ 2,000
    $ 16,000
  • Q4
    An Income Statement is designed to show ______.
    all the changes to owner’s equity that occurred during the fiscal period
    the profitability of the business during the current fiscal period
    the value of assets, liabilities, and owner’s equity in the business on a particular date
    how much a business is worth
  • Q5
    If a business pays cash for supplies, which of the following statements is true?
    one asset increases and one liability decreases
    one asset decreases and owner’s equity decreases
    one asset increases and owner’s equity increases
    one asset increases and another asset decreases
  • Q6
    The process of transferring information from the journal to the individual general ledger accounts is called ______.
  • Q7
    The normal balance of a revenue account is the ______.
    credit side
    left side
    debit side
    none of these
  • Q8
    The normal balance of an expense account is the ______.
    debit side
    right side
    none of these
    credit side
  • Q9
    What two types of transactions decrease owner’s equity?
    withdrawals and expenses
    revenues and expenses
    investments and withdrawals
    withdrawals and revenues
  • Q10
    The Balance Sheet of Nally’s Nook includes the following items:   Office Furniture Cash Supplies Accounts Payable R. Nally, Capital Accounts Receivable R. Nally, Drawing Truck   The list includes ______.
    five assets and two liabilities
    four assets and three liabilities
    five assets and three owner’s equity
    five assets and one liability
  • Q11
    An endorsement on the back of a check consisting of the words “Pay to the order of” and a new check owner’s name is a ______.
    deposit endorsement
    special endorsement
    blank endorsement
    restrictive endorsement
  • Q12
    A lost check with a blank endorsement on it can be cashed by ______.
    only the person who endorsed the check
    anyone who has the check
    no one
    only the person whose name follows the words “Pay to the order of”
  • Q13
    The point of the double-entry system of accounting is that every transaction ______.
    affects accounts on both sides of the balance sheet
    affects two or more ledger accounts and is recorded by an equal dollar amount of debits and credits
    is recorded in both the journal and the ledger
    increases one ledger account and decreases another
  • Q14
    A journal consists of ______.
    a storage center of information within a computer-based accounting system from which data can be retrieved and arranged in any desired format
    a chronological record of individual business transactions
    a listing of the balances of each ledger account to determine the equality of debit and credit entries
    a separate page or “account” for each type of asset, liability, and element of owner’s equity
  • Q15
    Net Income is best described as ______.
    the increase in owner’s equity resulting from profitable business operations during an accounting period
    revenue earned during an accounting period, less any cash payments made during the period
    cash receipts less cash payments made during a given accounting period
    the increase in total assets over a given accounting period

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