Test your knowledge in our new Specialist Quiz.

This weeks questions are linked to our accounting courses and getting started on your career in this area. We will test your knowledge and unleash the accountant in you!

Bring your knowledge and see how you score! Then challenge your friends! Answers at the bottom of this page.

1. Which term is associated with “left” or “left-side”?

A – Debit

B – Credit

(Debits and credits are terms used by bookkeepers and accountants when recording transactions in the accounting records. This course aims to provide an introduction to accounting concepts)

2. When a company pays a bill, the account Cash will be:

A – Credited

B – Debited

3 . In SAGE Business Cloud Accounting, when you create a new customer record, you are provided with:

A – 8-character limited alpha-number field

B – 5 – character limited alpha-number field

C- 10 – character limited alpha-number field

(Accounting software is an absolute must for any small business. Join this course to find out more about Accounting software).

4. Which of the following is an asset account?

A – Accounts Payable

B – Prepaid Insurance

C- Unearned Revenue

5. What is the normal balance for contra asset accounts?

A – Debit

B – Credit

6. Gross wages are the amounts earned by employees:

A – after the payroll withholding taxes and other deductions are subtracted.

B – before the payroll withholding taxes and other deductions are subtracted.

(Payroll refers to the process of calculating an employee’s pay. Join this course to find out more).

7. Every transaction will affect how many accounts?

A – Only One

B – Only Two

C – Two Or More

(This qualification provides training for a huge range of bookkeeping roles and is respected by employers worldwide)

8. What is another name for the income statement?

A- Balance sheet

B- Profit & loss account

C – Cash flow statement

9. Which of the following is another name for the quick ratio?

A- Acid Test Ratio

B – Current Ratio

C – Working Capital Ratio

10. Depreciation Expense is sometimes referred to as a noncash expense.

A – True

B – False

Answers;

  1. A, Debit
  2. A, Credited
  3. C, 10
  4. B, Prepaid Insurance
  5. B, Credit
  6. B, Before
  7. C, Two or more
  8. B, Profit and Loss account
  9. A, Acid Test Ratio
  10. A, True