Accounting and Finance MCQs Test 7

True Tamplin

Written by True Tamplin, BSc, CEPF®
Updated on November 18, 2021

This test on accounting and finance consists of 25 multiple choice questions (MCQs) to help students prepare for their exams and interviews.

Each question has a maximum of four options, with only one correct option. To proceed to the next question, you need to choose an option for each question.

Best of luck!

1. Which of the following accounts is an asset account?

2. Which of the following accounts is a liability account?

3. Which of the following is a revenue account?

4. Which of the following is an expense account?

5. Which of the following is an equity account?

6. The left side of an account is referred to as:

7. Transactions are initially recorded in the:

8. The record prepared to test that the debit balance account equals the credit balance account is known as:

9. An entry made in the accounts receivable control account also requires an entry to be made in:

10. The increase in owner's equity resulting from profitable business operations is called:

11. Economic events that affect the financial position of a business are called?

12. What is the effect of receiving payment on account from a customer?

13. What is the effect of paying an account owed to a supplier?

14. The current portion of long-term debt is classified as?

15. Which of the following would be added to the balance per bank when performing a bank reconciliation?

16. Which of the following would require a journal entry when performing a bank reconciliation?

17. Does a credit to an expense account increase the account's balance?

18. A debit to which of the listed accounts increases the account's balance?

19. Documents such as invoices, receipts, and checks are referred to as source documents. Is this statement true or false?

20. A debit to an account always increases the account's balance. Is this statement true or false?

21. Which of the following accounts normally have a credit balance?

22. Which of the following statements is not correct?

23. The single-entry system records a debit and credit for each transaction. Is this statement true?

24. In addition to cash, the current asset classification includes:

25. After posting closing entries, are all account balances set to zero?


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®), 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, his interview on CBS, or check out his speaker profile on the CFA Institute website.

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