Accounting Questions

Practicing accounting questions is one of the most important things for accounting students. For this reason I've created a section on this website specifically dedicated to questions, tests, exercises and exams.

Here are some of the options...

Basic Accounting Test

First up is a free basic accounting test. This short test covers the first theory section of this site, Basic Accounting Concepts, and it'll thoroughly test your understanding of the accounting equation and its various elements - assets, liabilities and owner's equity. It also covers the financial position of a business.

Accounting Exercises

If you want to be tested on more than just the basic accounting concepts then this book is what you need. With 88 questions and exercises, will test you on all the accounting basics, from journals to depreciation and financial statements, and will get you thoroughly prepared for your exams. The book also includes exercises on more advanced topics such as depreciation, bad debts, provisions, closing entries, bank reconciliations, prepaid income and expenses, and more. It's available on Amazon.

All these questions and exercises are also included in our main accounting book, Accounting Basics: Complete Guide. This compilation book also contains tons of theory lessons (all the lessons on this site plus another 9 new lessons) as well as an entire accounting dictionary for use in one's studies. The book is available for or as an .

Student Questions

Fellow students have published hundreds of their own questions and exercises on this site on specific accounting topics, which you can look through and try to solve on your own! Search for these free accounting questions by using the site search bar on the top right of your screen. Just enter your search term and all pages on this site containing that term will show up.

Note that some of these questions have accompanying solutions and some do not. Please understand that I, , run this site completely on my own, and because there are thousands of questions that have been submitted, I have not been able to answer them all. Because of this I have also stopped accepting new questions.

For questions that haven't been solved - if you want - try solve them yourself and post the answer for future visitors. They will very much appreciate your work. Thanks a lot!

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Questions Relating to This Lesson

Click below to see questions and exercises on this same topic from other visitors to this page... (if there is no published solution to the question/exercise, then try and solve it yourself)

Journal Entry: Cash Purchase of Goods
Bought goods for cash $23000, how will i post it?

Trial Balance Should Always Balance?
Should the debit and credit totals of a trial balance always agree? If so, why ?

Accounting for Debit and Credit Card Transactions
How do you account for purchases made by debit or credit card?

Journal Entry Question:
Basic Expense

Prepare the journal entry for the following transaction: Paid rent 200

Accounting Prerequisites
Q: What are the things I need first to begin studying accounting? A: Not sure exactly what you mean here Juana. If you mean subjects you need to have …

Examples of Liabilities
Give an example of a liability.

Bad debts in Cash Flow Statement?
Q: Where is the writing off of bad debts entered on the cash flow statement? Thanks, Katrien A: It's not in the cash flow statement as it's …

Accounting for Donations
Q: An organization recently got a donation of a Motor Vehicle purchased for $40,000. How does the receiving organization account for it? A: I would …

Debtors Control - Credit Balance?
Q: Is it possible for a debtor to have a credit balance?

Debits and Credits:
Why Liabilities on Credit Side?

Q: Hi, can you please explain to me WHY it is a general rule that increased liabilities would be on the credit side of a double entry equation??? Can't …

Groff Profit Percentage Question
Q: The following information relates to 20.6/20.7 financial year of ABC: Sales 150,000 Purchases …

Contingent Liability
Q: What do you mean by contingent liability?

Trading account (Cost of Goods Sold Formula)
Q: What is the formula for Cost of goods sold in terms of sales?

Calculating VAT?
Q: How do I calculate the VAT (Value-Added Tax) included on the debtor and creditor control account? A: Control accounts for debtors and creditors …

Settlement Discount Granted

Q: How will the VAT input and output be treated when settlement discount is granted? A: For those who aren't familiar with this term, VAT is short …

The Best Accounting System
"The best accounting system provides managers with all the information they would like to have." Do you agree with this statement? Why or why not?

T-Accounts, Adjusting & Closing Entries, Trial Balance and Financial Statements Exercise
ASSIGNMENT Οn October 1, 20xx, Jason Dauphinais opened Dauphinais Appliance Serνice. During the month, he completed the following transactions for …

Accounting Equation Exercise
Lynn Shackelford is the owner and operator of Galaxy LLC, a motivational consulting business. At the end of its accounting period, December 31, 2011, Galaxy …

Calculating the Liquidity Ratio
Q: How do you calculate the liquidity ratio?

Insurance Claim Journal Entry
An asset of Mr. X's was destroyed by fire on 1.08.09. the following particulars are ascertained from the book and records: - Stock at count as on 31.3.08 …

Manufacturing Costs Question
(The cost of raw materials purchased during the year)

Please help me with the following manufacturing costs question: Inventories Beginning …


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