Full Accounting Questions and Answers

I would definitely recommend to time yourself when you practice each of these exercises. This will help ensure you're not taking too long to complete each question and will help you get used to doing exercises under exam settings.

For your convenience, difficulty levels and time limits are stated for each of these exercises at the top of each page.

1) The Basic Accounting Multiple Choice Test 

• A beginner-level 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.
• 12 minutes

2) 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.
• 10 minutes

3) Basic Accounting Journal Entries Exercise

• Simple journal entries - starting a business (capital investment), asset purchases, paying creditors, cash income and expenses, drawings.
• Service business - no inventory but supplies on hand and used.
• 12 minutes

4) Journal Entries and Ledger Question and Answer

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

5) Creditors, Purchases, Cost of Goods Sold Question and Answer

• No journal entries here;
• First part tests your understanding of the Creditor's Control Account;
• Second part of the question gives you practice on the Cost of Goods Sold formula.
• 10 minutes

6) 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.
  
• 25 minutes

7) Journal Entry Question and Answer

• 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.
• 15 minutes

8) Debtors and Creditors Control Accounts Exercise

• Full debtors and creditors control accounts
• Some complex issues - bad debts, settlement or cash discounts received and allowed, returns inward and outward, account corrections, calculating closing balances.
• 30 minutes

9) Debtors and Creditors Ledger Question

• Full debtors and creditors control accounts (similar to exercise above)
• Bad debts, settlement or cash discounts received and allowed, returns inward and outward as well as account corrections and closing balances.
• 30 minutes

10) 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.
• 15 minutes

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

• This is a really good question to practice.
• 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.
• 40 minutes

12) Company Trial Balance and Financial Statements Question

• 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.
• 75 minutes

13) Cash Flow Statement Exercise

• Typical cash flow statement question where they supply the balance sheet, income statement and details about changes in owner's equity.
• Company-specific items such as share capital, reserves and debentures.
• Some complex issues in the form of preliminary and prepaid expenses.
• 35 minutes

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