Full Accounting Questions and Answers

Here are a list of full accounting questions and answers that can be found on this site. 

basic accounting test

1) The Basic Accounting Multiple Choice Test 

  • A quiz taken directly from the Accounting Basics books. 9 multiple choice questions which test the 1st theory chapter here on Basic Accounting Concepts
  • Covers the accounting equation, assets, liabilities, equity, financial position.

The following questions (full exercises) were submitted by visitors like yourself from around the world and solved by the author.

2) Accounting Equation Exercises

basic accounting equation exercises
  • For practice on the basic accounting equation and its 3 elements - assets, liabilities and owner's equity.
  • Basic understanding of income and profit is preferable.

3) Journal Entries and Ledger Question and Answer

  • Basic journal entries: starting a business (capital investment), sales, debtors, simple cash expenses, drawings;
  • Inventory business - simple purchases and sales journal entries;
  • Practice with drawing up T-Accounts.

4) Basic Journal Entries Question

  • General, basic journal entries: starting a business, debtors, creditors, regular expenses, drawings;
  • Inventory business - purchases and sales;
  • Some complex topics: discount received and allowed, carriage on goods.

5) Journal Entry Question and Answer

Plant and equipment
  • Basic journals - expenses owing, cash and credit sales, paying creditors;
  • Inventory business - purchases and sales;
  • Some complex issues: depreciation, prepayments, inventory loss (fire), discount received.

6) Debtors and Creditors Ledger Question

  • Full debtors and creditors control accounts
  • Some complex issues - bad debts, discounts received and allowed, returns inward and outward as well as various account corrections.

7) A Simple Trial Balance Exercise

  • Beginner level - capital investment by owner, basic income and expenses, purchase of assets, drawings, basic liabilities;
  • Service business - no inventory, sales or cost of goods sold in this exercise.

8) T-Accounts, Journal Entry and Trial Balance Question

  • Capital investment by owner; 
  • Basic income and expenses, purchases of assets, drawings, basic liabilities;
  • Service business - no inventory, sales or cost of goods sold in this question.

9) Company Trial Balance and Financial Statements Question

common stock company shareholders
  • Trial balance, income statement, statement of changes in equity and balance sheet,
  • Inventory business - FIFO basis,
  • Some complex issues - prepayments (prepaid expenses and prepaid income), 
  • Corporation-specific issues - stock, retained earnings (accumulated profits), dividends paid to shareholders.

More Accounting Exercises - Answered by Visitors from around the World

Here are some more exercises that were submitted AND also answered by student visitors from around the world (more to come soon):

Basic Accounting Journal Entries Exercise

  • Simple journal entries - capital, asset purchases, paying creditors, cash income and expenses, drawings.

Full Accounting Questions and Answers on Advanced Topics from Visitors around the World

Here are a bunch of accounting questions and answers on very specialized topics submitted by fellow accounting students from around the world:

For More Practice - Get the Workbook

accounting workbook

If you want more practice with full accounting questions and answers you should get the official exercise book for this site, Volume 2 in the Accounting Basics series: 
Accounting Basics: Workbook

Accounting Basics: Workbook has 88 questions and exercises, starting from the basic accounting equation and basic concepts to journal entries, T-accounts, the trial balance, financial statements, the cash flow statement, inventory, depreciation, provisions, doubtful debts, year-end entries, bank reconciliations and more.

None of the questions and exercises in the Workbook are available on this website (the only exception being The Basic Accounting Multiple-Choice Test  - number 1 above - provided here for free).

Some testimonials from individuals who bought the Workbook:

"Really helps!"

"Very helpful."

"Learned very much from it, it was awesome."

"The workbook is a great review for me of the classes I took in College."

"The book is very interesting and easy to follow. I have to take a course in accounting for an online degree program that I am involved with and this book is a life saver. It explains clearly the information you need and has quizzes that are a tremendous help in grasping the material."

Rated 4.8 out of 5 by Amazon customers.

Accounting Basics: Workbook is available in softcover on Amazon for $19.95.

Click here to purchase the Workbook on Amazon now


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