Online Financial Accounting Quiz

Example Questions From the Test

• 1Which financial statement reports assets, liabilities, and equity at a specific date?
  • Balance sheet
  • Statement of cash flows
  • Statement of retained earnings
  • Income statement
• 2When preparing a bank reconciliation, how should outstanding checks generally be treated?
  • Subtract them from the company's book balance
  • Add them to the bank statement balance
  • Subtract them from the bank statement balance
  • Add them to the company's book balance
• 6A trial balance has equal debit and credit totals. Which error could still remain undetected?
  • A transaction was omitted entirely from the accounting records
  • A debit entry was recorded without its corresponding credit
  • A $900 debit was posted as $90 while the credit remained $900
  • A credit balance was accidentally listed in the debit column