Accounting Basics Quiz: 20 Questions for Beginners

QuickBooks Online USA (Free Trial / Discount) → https://geni.us/quickbooksonlineusa QuickBooks Online Canada (Free Trial / Discount) → https://geni.us/quickbooksonlinecanada If you’re learning accounting, this quiz is for you! I’ll test your knowledge with 20 multiple choice questions covering accounting basics for beginners. We cover essential topics like the accounting equation, double-entry bookkeeping, debits and credits, journal entries, accrual vs cash accounting, trial balances, adjusting entries, and financial statements. All explained clearly so you understand the logic behind each answer. This accounting quiz will help you strengthen your understanding of core accounting principles and see how everything connects, from recording transactions to preparing financial statements. Grab a pen, play along… and don’t forget to share your score in the comments. 🔴Subscribe for more Accounting Tutorials → https://geni.us/subtothechannel ⏱️TIMESTAMPS 00:00 - Intro 00:21 - Q1: What is the primary purpose of Financial Accounting? 00:54 - Q2: In Double-Entry Accounting, Total Debits must ______ . 01:26 - Q3: Which of the following accounts increases with a credit? 02:04 - Q4: Which of the following transactions keeps the Accounting Equation balanced? 02:37 - Q5: Which of the following is classified as a Tangible Asset? 02:59 - Q6: Which of the following transactions would decrease a business’s Equity? 03:29 - Q7: Which of the following is an example of a Liability? 04:00 - QuickBooks Payroll 05:08 - Q8: Under the Revenue Recognition Principle, revenue should be recorded when ______ . 05:39 - Q9: Which of the following transactions would not be recorded under the Cash Method? 06:16 - Q10: A business owner contributes cash to their business. What is the Journal Entry? 06:50 - Q11: GAAP stands for ______ . 07:23 - Q12: The main purpose of a Trial Balance is to ______ . 07:54 - Q13: Which of the following Assets is usually depreciated? 08:22 - Q14: A Prepaid Expense is classified as ______ . 08:56 - Q15: A business performs a service for a customer, but doesn't invoice them until the following month. What Journal Entry should be posted on the day the service is provided? 09:38 - Q16: How do you calculate Gross Profit using an Income Statement? 10:14 - Q17: The Balance Sheet is also known as the ______ . 10:43 - Q18: Which of the following is reported under Cash Flow from Financing Activities? 11:16 - Q19: Which of the following is a common example of a Control Account? 11:47 - Q20: A business closes its Expense accounts at the end of an accounting period. What is the Closing Entry? 12:28 - Bonus Question: Net Profit from the Income Statement flows through ______ into the Balance Sheet. 🔎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 #accountingquiz #accountingstuff