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

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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