Are You Smart Enough To Be An Accountant?

Every year around tax time, we'd all like to think we're smart enough to be our own accountants. But do you actually have what it takes to be an accountant? Take this revealing quiz and find out!
START THE QUIZ!

Question 1/12

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Profit is equal to:
Income minus expenses
Revenue minus expenses
Inflows minus outflows
Next Question

Question 2/12

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Which financial statement will tell you how profitable a company is?
Income statement
Cash flow statement
Balance sheet
Next Question

Question 3/12

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Under the accrual method of accounting, expenses are recorded:
When they are paid.
When they are incurred.
When invoices for expense items are received.
Next Question

Question 4/12

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True or False: Assets are typically recorded on the Balance Sheet at their estimated fair market value.
True
False
Next Question

Question 5/12

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Something that you owe is called a(n)...
Asset
Liability
Bill
Next Question

Question 6/12

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Something that you own is called a(n)...
Asset
Liability
Wealth projection
Next Question

Question 7/12

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True or false: A cash sale is a sale where payment is made in notes and coins
True
False
Next Question

Question 8/12

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If you earn more than you spend, you have a...
Profit
Loss
Revenue stream
Next Question

Question 9/12

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True or false: A credit sale is a sale where payment is made at a later date
True
False
Next Question

Question 10/12

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True or false: 'Total ' accounts contained in the general ledger are known as Control Accounts.
True
False
Next Question

Question 11/12

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A list of the balances of the ledger accounts drawn up in two columns ,debit and credit, is known as a...
Trial balance
Final balance
Measure balance
Next Question

Question 12/12

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True or false: Settlement discount is another name for cash discount.
True
False
Result
Sure, you can run some numbers and know some basic accounting terms, but we wouldn't hire you to take care of our finances just yet! Hey, not everyone can be an accountant, it's just not in the cards for you!

C+, Accounting Average

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Right!
You can run the numbers and hold your own in the world of finances and taxes! From forms and stocks to investments and dividends, you know far more about accounting than the average Joe. We suspect you could definitely hold your own as an accountant!

B+, Accounting Ace

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Right!
Some people would like to think they know more than their accountant, but not many do! You on the other hand- you're an accounting marvel. From taxes and finances to spreadsheets and investments, you know as much about accounting as any professional! Go ahead and fire that pro, you can hold your own.

A+, Accounting Expertise

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Right!
Check Your Answers
Play Again
1
Profit is equal to:
Income minus expenses
Revenue minus expenses
Inflows minus outflows
2
Which financial statement will tell you how profitable a company is?
Income statement
Cash flow statement
Balance sheet
3
Under the accrual method of accounting, expenses are recorded:
When they are paid.
When they are incurred.
When invoices for expense items are received.
4
True or False: Assets are typically recorded on the Balance Sheet at their estimated fair market value.
True
False
5
Something that you owe is called a(n)...
Asset
Liability
Bill
6
Something that you own is called a(n)...
Asset
Liability
Wealth projection
7
True or false: A cash sale is a sale where payment is made in notes and coins
True
False
8
If you earn more than you spend, you have a...
Profit
Loss
Revenue stream
9
True or false: A credit sale is a sale where payment is made at a later date
True
False
10
True or false: 'Total ' accounts contained in the general ledger are known as Control Accounts.
True
False
11
A list of the balances of the ledger accounts drawn up in two columns ,debit and credit, is known as a...
Trial balance
Final balance
Measure balance
12
True or false: Settlement discount is another name for cash discount.
True
False