Chart of Accounts Quiz: 20 Questions for Beginners

📚 New! Get my 2nd Edition Accounting Cheat Sheet Bundle → https://accountingstuff.com/shop How well do you know the Chart of Accounts? Let's find out. In this video, I've carefully prepared 20 multiple choice questions for you. We'll cover the Chart of Accounts, Account Numbers, Parent Accounts, Sub-Accounts, Contra-Accounts and Control Accounts. Can you score 20 out of 20? 🔴Subscribe for more Accounting Tutorials → https://geni.us/subtothechannel ⏱️TIMESTAMPS 00:00 - Intro 00:18 - Q1: In Financial Accounting, what is an "Account"? 00:49 - Q2: A Chart of Accounts is an organized ______ of every account held in a General Ledger. 01:12 - Q3: Which of the following would not appear in a Chart of Accounts? 01:34 - Q4: The Chart of Accounts groups accounts by ______. 01:52 - Q5: In most systems, each account in the Chart of Accounts has a ______. 02:14 - Q6: Why do many businesses use account numbers instead of just account names? 02:44 - Q7: Which statement is true about customizing a Chart of Accounts? 03:11 - QuickBooks Online 04:02 - Q8: Why might a business choose to increase granularity in its Chart of Accounts? 04:33 - Q9: How are account categories typically arranged in a Chart of Accounts? 05:10 - Q10: Which of these is a type of Asset? 05:33 - Q11: Which of these is a Liability account? 06:00 - Q12: Which of the following accounts would typically be grouped under Equity? 06:29 - Q13: Which of these is not a Revenue account? 06:54 - Q14: Which of these is not an Expense account? 07:20 - Q15: Why would a business create sub-accounts? 07:49 - Q16: Which of the following is not a Contra-Account? 08:12 - Q17: Which of the following is an example of a Control Account? 08:40 - Q18: Which type of account is a Service business least likely to include in its Chart of Accounts? 09:07 - Q19: Which account would you expect to find in a Retail business? 09:32 - Q20: Which account would you expect to find in a Manufacturing business? 10:00 - Bonus Question: Which account would you expect to find in a Non-Profit organisation? 🔎FAQ ▪ My Favourite Accounting Book for Beginners → http://geni.us/5mKR7m 🔝 CLOUD ACCOUNTING SOFTWARE ▪ XERO (Free Trial / Discount) → https://xero5440.partnerlinks.io/08mfchsgfw8z ▪ QuickBooks Online USA (Free Trial / Discount) → https://geni.us/quickbooksonlineusa ▪ QuickBooks Online Canada (Free Trial / Discount) → https://geni.us/quickbooksonlinecanada 🚶FOLLOW ME ON ▪ Instagram → https://www.instagram.com/accountingstuff ▪ TikTok → https://www.tiktok.com/@accounting_stuff ▪ Facebook → https://www.facebook.com/accountingstuff ________________________ DISCLAIMER Some of the links above are affiliate links, where I earn a small commission if you click on the link and purchase an item. You are not obligated to do so, but it does help fund these videos in hopes of bringing value to you! ________________________ #accounting #accountingbasics #accountingstuff