Test Your Accounting Basics - MCQs Quiz

Accounting is the backbone of every business, but for beginners, it often feels confusing and technical. To make accounting concepts simple, practical, and easy to understand, this Accounting Basics Quiz has been specially designed for students, beginners, and anyone who wants to test their fundamental knowledge of accounting. This quiz covers essential topics such as assets, liabilities, capital, debit and credit rules, GST basics, and financial statements. 

Each question in this quiz comes with multiple-choice options, and as soon as you select an answer, the system instantly tells you whether your answer is correct or wrong. This instant feedback helps you learn faster and remember concepts better. The quiz is short, interactive, and beginner-friendly, making it ideal for self-assessment, exam preparation, or quick revision. Try the quiz below and see how strong your accounting fundamentals really are.

1. What is accounting?

Recording only

Recording & analyzing transactions

Only calculation

Only reporting

2. Which is an asset?

Cash

Loan

Expense

Loss

3. Capital means?

Owner’s investment

Business expense

Liability

Income

4. Goods sold for cash is?

Cash sale

Credit sale

Purchase

Expense

5. Which is a liability?

Cash

Loan payable

Stock

Profit

6. Profit occurs when?

Income > Expense

Expense > Income

Both equal

Loss occurs

7. Purchase of goods is?

Expense

Income

Asset

Liability

8. Which is an expense?

Rent paid

Capital

Cash

Loan received

9. Business income is?

Revenue

Expense

Asset

Capital

10. Which increases capital?

Profit

Loss

Expense

Drawings

✅ Correct Answers: 0    ❌ Wrong Answers: 0