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Accounting Terms

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Date: 

Instructions: Test your knowledge of bookkeeping and accounting jargon used by financial professionals every day.

  1. 1.

    In accounting, what does the term 'accrual' refer to?

    A
    Revenue or expenses recorded before cash is exchanged
    B
    An annual financial review
    C
    A tax penalty
    D
    A type of bank account
  2. 2.

    What is a 'ledger' in accounting?

    A
    A type of calculator
    B
    A type of bank loan
    C
    A tax return form
    D
    A book or system for recording financial transactions
  3. 3.

    What does 'GAAP' stand for?

    A
    Government Approved Accounting Practices
    B
    Global Association of Accounting Professionals
    C
    General Accounting and Auditing Principles
    D
    Generally Accepted Accounting Principles
  4. 4.

    In accounting, what is 'depreciation'?

    A
    A decrease in currency value
    B
    A type of tax deduction for losses
    C
    The allocation of an asset's cost over its useful life
    D
    The closing of a business
  5. 5.

    What is a 'balance sheet'?

    A
    A document showing only expenses
    B
    A payroll summary
    C
    A statement showing assets, liabilities, and equity at a specific date
    D
    A monthly bank statement
  6. 6.

    What does the accounting term 'amortization' mean?

    A
    Transferring funds between accounts
    B
    Paying off debt in a lump sum
    C
    Gradually writing off the cost of an intangible asset
    D
    Increasing an asset's book value
  7. 7.

    What is 'accounts receivable'?

    A
    The total payroll of a company
    B
    Cash held in a savings account
    C
    Money a company owes to suppliers
    D
    Money owed to a company by its customers
  8. 8.

    In double-entry bookkeeping, every transaction affects at least how many accounts?

    A
    Three
    B
    Two
    C
    Four
    D
    One
  9. 9.

    What is a 'trial balance' used for?

    A
    To determine employee bonuses
    B
    To calculate taxes owed
    C
    To forecast next year's revenue
    D
    To verify that total debits equal total credits
  10. 10.

    What does 'liquidity' refer to in accounting?

    A
    How quickly an asset can be converted to cash
    B
    The total value of a company's inventory
    C
    The amount of water damage to documents
    D
    The interest rate on a loan
  11. 11.

    What is 'goodwill' on a balance sheet?

    A
    An intangible asset representing the premium paid over fair market value in an acquisition
    B
    Charitable donations made by the company
    C
    Employee satisfaction scores
    D
    The company's reputation rating
  12. 12.

    What does 'fiscal year' mean?

    A
    A 12-month period used for accounting purposes, which may not align with the calendar year
    B
    A government-mandated reporting period
    C
    A calendar year starting January 1
    D
    The year a company was founded
  13. 13.

    What is an 'audit' in accounting?

    A
    A type of tax return
    B
    A meeting with shareholders
    C
    An independent examination of financial records for accuracy
    D
    A quarterly earnings report
  14. 14.

    What does the term 'overhead' refer to?

    A
    Ongoing business expenses not directly tied to producing goods or services
    B
    Profits above expectations
    C
    The ceiling of an office building
    D
    Executive salaries only
  15. 15.

    What is 'equity' in accounting terms?

    A
    The company's total debt
    B
    The total revenue of a company
    C
    The owner's residual interest in assets after deducting liabilities
    D
    The amount of cash on hand

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