Financial Transactions and Accounting Principles Quiz
Test your knowledge with these accounting questions on financial transactions, accounting equation, ROI, GAAP, and more.
#1
Which of the following is an example of a financial transaction?
Sending an email
Buying groceries with cash
Watching a movie
Playing a video game
#2
What does ROI stand for in finance?
Return On Investment
Rate Of Interest
Risk Of Investment
Revenue Of Income
#3
Which of the following is considered an intangible asset?
#4
What is the basic accounting equation?
Assets = Liabilities + Equity
Revenue = Expenses
Assets - Liabilities = Equity
Assets = Expenses + Revenue
#5
What is the double-entry system in accounting?
Recording each transaction in two separate accounts
Recording each transaction twice for accuracy
Recording each transaction in two currencies
Recording each transaction in two financial periods
#6
Which financial statement shows a company's revenues and expenses over a period?
Balance sheet
Income statement
Cash flow statement
Statement of retained earnings
#7
What is the purpose of accrual accounting?
To record transactions only when cash is received or paid
To record transactions when they occur, regardless of when cash is exchanged
To record transactions after cash exchanges hands
To record transactions without any financial impact
#8
What is depreciation in accounting?
An increase in the value of an asset
A decrease in the value of an asset over time
The process of liquidating assets
An increase in the value of liabilities
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