Basic Accounting Questions: Quizzes, Multiple-Choice and More
Practicing basic accounting questions is super important, it really helps one understand all the basic concepts in the subject. For this reason I've created this page listing quizzes and practice questions on fundamental accounting topics.
It'll test your understanding of the accounting equation and its various elements - assets, liabilities and owner's equity. It also covers the financial position of a business.
Accounting Equation Questions and Answers
As we all know, the basic accounting equation is the foundation of accounting, so you better know this well.
Our first and main accounting equation exercise is composed of 5 questions that build one on top of the other, testing you on the balances of assets, liabilities and owner's equity and even a little bit on the effect of profit.
Double Entry Exercise: Which Accounts Are Affected?
This is a great exercise for testing your understanding of the different accounts that are affected by various transactions. Note that this is a beginner exercise for the most part, but it also covers a trading business with the purchase and sale of goods. The first part of the solution contains just the accounts affected, while the second part shows the full journal entries.
Basic Accounting Quiz: Asset and Liability Balance Sheet Categories
This is a quick test of your ability to classify different items correctly on a balance sheet, not just the general categories of assets and liabilities, but also whether they should be non-current or current.
Basic Accounting Quiz: Capital Expenditure vs Revenue in Nature
In this quiz you need to name whether certain items are capital expenditure or revenue in nature. These are good concepts to understand (I'll explain them in the solution) and the exercise is a good test of your understanding of some of the basic elements of accounting.
Note that most of these questions have accompanying solutions but some do not. Please understand that I (Michael Celender) run this site on my own, and because there are hundreds of questions that have been submitted, I have not been able to answer every single one. Because of this I have also stopped accepting new submissions.
For questions that haven't yet been solved - you are welcome to try solve them yourself and post the answer for future visitors. They will very much appreciate your work. ;-)
Still Didn't Find What You're Looking For?
There are hundreds of questions posted all around this website. If you're looking for a question on a specific accounting topic and didn't find it above, use this site search bar. It'll help you find the question you're looking for, or at least something close.
Just enter your search term below, click "search," and all pages on this site containing that term will show up.