Accounting Questions
Calculate your total with ease.
Q1. A shopper wants to ensure he has enough cash to purchase a $91 microscope. The clerk tells him the total with tax is $92.82. What is the sales tax percentage?
Calculation:
Tax = 92.82 − 91.00 = 1.82
Tax rate = (1.82 ÷ 91.00) × 100 = 2%
Answer: 2%
Q2. If there are 12 cats in a room and 4 dogs, what is the ratio of cats to dogs?
Calculation:
Ratio = 12 : 4
Simplify = (12 ÷ 4) : (4 ÷ 4) = 3 : 1
Answer: 3:1
Q3. Solve for x, where 3x + 8 = 80.
Calculation:
Subtract 8 → 3x = 72
Divide by 3 → x = 24
Answer: x = 24
Q4. If I have a bag with 400 jellybeans (100 each of blue, red, pink, and green), what are the chances the next jellybean pulled is green?
Calculation:
Probability = 100 ÷ 400 = 1/4 = 0.25 = 25%
Answer: 25%
Q5. When would you enter a journal entry?
Explanation: Journal entries are used for corrections, adjustments, and special accounting events such as depreciation.
Answer: All of the above (to correct errors, for year-end adjustments, to enter depreciation).
Q6. What is the purpose of choosing an "Account Type" when setting up an account in QuickBooks?
Explanation: Account Type groups similar accounts, defines where they appear on financial statements, and determines reconcilability.
Answer: All of the above.
Q7. What is the purpose of the Chart of Accounts?
Explanation: The Chart of Accounts is the framework for categorizing all transactions (assets, liabilities, income, expenses, equity).
Answer: It is how you categorize financial transactions.
Q8. You successfully reconciled the checking account last month. This month, QuickBooks shows a different beginning balance than the bank. How can this happen?
Explanation: If a previously cleared transaction is deleted or changed, QuickBooks will adjust the beginning balance.
Answer: A cleared transaction has been changed or deleted.
Q9. Accrued expenses pertain to transactions that __ paid.
Explanation: Accrued expenses are incurred but not yet paid in cash.
Answer: Have not yet been paid.
Q10. What are the main sections of the Profit & Loss statement?
Explanation: The P&L (Income Statement) shows revenue, cost of goods sold, and expenses.
Answer: Income, Cost of Goods Sold, and Expenses.
Q11. Which of the following does NOT appear on a Balance Sheet?
Inventory → Asset → appears
Accounts Payable → Liability → appears
Retained Earnings → Equity → appears
Cost of Sale → belongs to P&L → does not appear
Answer: Cost of Sale.
Q12. Which is better: Cash or Accrual Accounting?
Explanation:
Cash = simple, small businesses, actual cash in/out.
Accrual = more accurate, required by GAAP, matches revenues and expenses.
Answer: It depends. Cash is simpler for small businesses, while Accrual provides accuracy and is required for larger/GAAP businesses.
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