Basic Accounting Questions
and Answers

Knowing the basics of accounting is crucial for accounting students. And practicing questions is probably just as important. For this reason I've created a section on this website specifically dedicated to basic accounting questions.

Basic Accounting Test - Multiple Choice

First up is a basic multiple choice accounting test taken directly from the Accounting Basics books. This short test covers the first theory section of this site, Basic Accounting Concepts.

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 Exercises

The basic accounting equation is the foundation of accounting, so you should know this well.

These accounting equation exercises will give you some good practice with understanding how the balances of assets, liabilities and owner's equity fit together, as well as a bit of a test of income and profit.

And for even more practice, check out our page on The Basic Accounting Equation and Changes to Owners Equity Question (Fill in the Blank).

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.

Full Accounting Questions and Exercises

Accounting Basics: Workbook (click to view on Amazon)

If you want to practice more questions, then you should get the Accounting Basics: Workbook.

With 88 questions and exercises, this workbook will test you on all the accounting basics - from the basic accounting equation and journal entries to T-accounts, inventory and financial statements.

The book also includes exercises on more advanced topics: depreciation, bad debts, provisions, closing entries, bank reconciliations, prepaid income and expenses, and more.

All of these questions and exercises will help you prepare very well for your tests and exams.

Amazon rating: 4.8 out of 5

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

Click here to get the book on Amazon now.

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Questions Relating to This Lesson

Click below to see questions and exercises on this same topic from other visitors to this page... (if there is no published solution to the question/exercise, then try and solve it yourself)

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Settlement Discount Granted and VAT
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Basic Accounting Questions and Answers