Accounting and Bookkeeping MCQs

True Tamplin

Written by True Tamplin, BSc, CEPF®
Updated on July 22, 2022

This quiz, which covers accounting and bookkeeping, will be helpful to assess your knowledge of the fundamentals in accounting and finance.

The test consists of 25 objective type quizzes with four options each. Students need to choose one option to progress to the next question.

If you find it challenging to answer the questions, we recommend visiting our financial accounting section to easily learn the basics of accounting and bookkeeping.  Let’s start the test below.

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Frequently Asked Questions

What is Bookkeeping?

Bookkeeping is a part of the accountancy process that deals solely with recording and classification of financial transactions of a business.

What is the most important feature of Bookkeeping?

The main objective of Bookkeeping is to keep a complete and accurate record of all the financial transactions in a systematic orderly, logical manner. This ensures that the financial effects of these transactions are reflected in the books of accounts.

What is the most important feature of Bookkeeping?

What is the most important feature of Bookkeeping?

What are the types of Bookkeeping?

The single-entry and double-entry Bookkeeping systems are the two methods commonly used. While each has its advantage and disadvantage, the business has to choose the one which is most suitable for their business.

Why Bookkeeping records are maintained?

Proper Bookkeeping gives companies a reliable measure of their performance. It also provides information to make general strategic decisions and a benchmark for its revenue and income goals. In short, once a business is up and running, spending extra time and money on maintaining proper records is critical.

True Tamplin, BSc, CEPF®

About the Author
True Tamplin, BSc, CEPF®

True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists.

True is a Certified Educator in Personal Finance (CEPF®), a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University, where he received a bachelor of science in business and data analytics.

To learn more about True, visit his personal website, view his author profile on Amazon, or check out his speaker profile on the CFA Institute website.

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