Accounting and Finance MCQs Test 7

True Tamplin

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

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!

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Frequently Asked Questions

What are examples of Accounts Receivable?

Accounts Receivable is money that customers owe a company for goods or services they have already received but not yet paid for. For example, when a company extends credit to a customer, the amount is added to Accounts Receivable.

What is the purpose of inventory?

The sum of money invested in the business by its owners, or the amount that can be claimed by them from the business, is called capital or owner’s equity or net worth.

What is the purpose of inventory?

What is the purpose of inventory?

Is chart of accounts the same as General Ledger?

A chart of accounts is a listing of all the financial accounts that a company has. The General Ledger, which contains information on all company accounts, and subsidiary ledgers, which contain information about specific individual accounts, are both types of ledgers.

What is the difference between net income and gross income?

Gross income is the sum of hourly wages, salary, commissions, and bonuses. Net income is the money you’re left with after taxes are paid and any deductions for health insurance or other benefits are taken from your pay.

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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