Full Accounting Questions and Answers

Here is a list of full accounting questions and answers that can be found on this site, along with a brief description of each one. Please note that these are generally intermediate to advanced exercises.

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 

basic accounting 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

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.
  • 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
Accounting Basics: Workbook on Amazon

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

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.
  • 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

shareholders company common stock shares
  • 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

Cash Flow Statement full Exercise question solution thumbnail
  • 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

Accounting Questions and Answers on Advanced Topics

Here are a bunch of questions on specialized topics submitted by fellow accounting students from around the world, with detailed explanations:

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:
the Workbook.

Accounting Basics: Workbook has 88 questions and exercises, starting from the 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.

Please note: The detailed, fully explained exercises in the Workbook are not available on this site - only in the book!

The Workbook is available in softcover for $14.95 or as a
Kindle e-book for just $9.95.

Click here to get it on Amazon now

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.

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