Each of our 80+ forms are available in both Excel and PDF format. Our 70+ Quick Tests give you immediate feedback on what you know and what you don’t know. The more than 1,800 test questions will improve your retention and help you go from memorizing to understanding. Our Crossword Puzzles and Word Scrambles will help you learn, review, and retain important terminology for each accounting topic in a fun way. Our Practice Quizzes will help you assess your understanding of each Explanation and improve your retention. These are a great warm-up for our Quick Tests which contain more than 1,800 questions with solutions.

Other Accounting Quizzes

Our Flashcards will provide you with crystal-clear accounting definitions so you can master complex terminology faster and easier. All 500+ total flashcards are available in both digital and printable format. Received $150,000 cash from investors for ownership in the company. Depreciation is part of this question but you actually don’t need to know depreciation well at all to work this out.

Basic Journal Entries Question:Capital + Fixed Asset Purchase

For the intro to accounting student or small business owner. Additionally, if this information is helpful, you might consider signing up for my monthly subscription. My monthly subscription has more training videos like the ones below, the history of tax day a message board where you can ask me your specific questions, and discounts on one-on-one tutoring with me. For your convenience, difficulty levels and time limits are stated for each of these exercises at the top of each page.

Practice Accounting

• It represents the amount that has been paid but has not yet expired as of the balance sheet date.
• Our Flashcards will provide you with crystal-clear accounting definitions so you can master complex terminology faster and easier.
• It’ll test your understanding of the accounting equation and its main elements – assets, liabilities and owner’s equity.
• This will help ensure you’re not taking too long to complete each question and will help you get used to doing exercises under exam settings.

Make a “T” account for the cash account, post the journal entry amounts in the T account, and balance the cash account. A current asset representing the cost of supplies on hand at a point in time. The account is usually listed on the balance sheet after the Inventory account. A liability account that reports amounts received in advance of providing goods or services. When the goods or services are provided, this account balance is decreased and a revenue account is increased.

As I’m sure you know, there is a lot of information to learn for your accounting class. My my goal is to help you pass your accounting class, so if you need help, reach out to me! I have more practice tests and practice quizzes like the ones above. The best way to learn accounting is to practice accounting! I’m available for one-on-one tutoring here , have a bunch of video training here (scroll to the bottom to see all the lesson topics), or check out some of my free videos on YouTube here.

Income Statement Outline

This will help ensure you’re not taking too long to complete each question and will help you get used to doing exercises under exam settings. A quick and thorough overview of 24 key bookkeeping topics. Whether you’re just learning or you want to refresh your skills, we think this guide will be a great assist on your bookkeeping journey. Shaun Conrad is a Certified Public Accountant and CPA exam expert with a passion for teaching. After almost a decade of experience in public accounting, he created MyAccountingCourse.com to help people learn accounting & finance, pass the CPA exam, and start their career.

Note that this exercise includes transactions for a trading business (purchase and sale of goods). The first part of the solution contains the accounts affected (in the grid), while the second part shows the full journal entries. It’ll test your understanding of the accounting equation and its main elements – assets, liabilities and owner’s equity. First up is a basic multiple choice accounting test or quiz, taken directly from the Accounting Basics books. This short test (9 questions) covers the first theory section of this site, Basic Accounting Concepts. If you wish to take an accounting quiz please do so by first choosing a quiz from the Popular Quiz list below.

Don’t worry about getting the right answer, focus on understanding how to solve the question. Just like your homework problems, it’s important to understand the “why” behind the answer, even if you answer the question correctly. This is a great exercise for testing your understanding of the different accounts that are affected by some basic transactions. Note that this is a beginner exercise and does not cover a trading business (purchase and sale of goods). The first part of the solution contains just the names of the accounts, while the optional second part shows the journal entries.

Debits & Credits are the heart of the accounting system. “The workbook is a great review for me of the classes I took in College.”