Accounting Quiz or Test Your Accounting Knowledge On Basic Accounting Test Questions

Refresh or test your accounting knowledge by answering the following questions on Basic Accounting. If you are unsure of the answer please click to { see article} to re-learn what you have missed.


1.0  Name two main financial statements drawn by accountants?           { see article} { see article} & { see article}

2.0  List five important accounting concepts?{ see article}

3.0  Describe the Accounting Assumptions

4.0  Describe the Accounting Principles

5.0  Describe the Accounting Constraints

{ for item 3 to 5 —> see article

6.0  Describe the financial statements of a proprietorship and explain how they interrelate: Income Statement; Statement of owner’s equity; Balance Sheet and Statement of cash flows { see article}

7.0  Explain briefly what is meant by:

(a)    The money measurement concept? {see article}

(b)   The prudence concept? {see article}

8.0  Suggest four(4) possible values which might be attributed to an asset in the balance sheet of a business


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