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Accounting 101 - Statistics
General Stats
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This quiz has been taken 1,173 times
1,165 since last reset
- The average score is 5 of 15
Answer Stats
| Hint | Answer | % Correct | |
|---|---|---|---|
| J | Book of original entry | Journal | 81%
|
| B | Other term for Statement of Financial Position | Balance Sheet | 76%
|
| I | Temporary Account (+) | Income | 60%
|
| P | Two or more persons bind themselves to contribute money, property or industry to a common fund with an intention of dividing the profits among themselves. | Partnership | 52%
|
| A | Asset= Liabilities + Capital | Accounting Equation | 46%
|
| Elements of Accounting, Dr. as Normal balance | Asset/Expense | 46%
| |
| E | Independent Auditor other name | External Auditor | 23%
|
| C | Revenue minus variable cost | Contribution Margin | 22%
|
| A | Already earned but not yet receive | Accrued Income | 21%
|
| R | Net Income/ Asset | Return on Assets | 20%
|
| P | Father of Accounting | Fr. Luca Pacioli | 19%
|
| G | Underlying Principle | Going Concern | 16%
|
| O | The average time between purchasing or acquiring inventory and receiving cash proceeds from its sale. | Operating Cycle | 13%
|
| R | Last procedure in accounting cycle | Reversing Entries | 13%
|
| N | Accounts Receivable less Allowance for doubtful accounts | Net Realizable Value | 9%
|
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