http://www.examquestions.org/enjoy-this-sample-accounting-exam-questions-and-answers-for-you/ Accounting can be difficult, and every mistake can lead to a disaster. This sample accounting exam questions will be of great benefit to you

1. 1. Assets are usually reported on the balance sheet at which amount?
• Cost (Answer)
• Current Market Value
• Expected Selling Price
2. Unearned Revenues is what type of account?
• Asset
• Liability (Answer)
• Stockholders’ (Owner’s) Equity
3. Which term is associated with “left” or “left-side”?
• Debit (Answer)
• Credit
4. Which term is associated with “right” or “right-side”?
• Debit
• Credit (Answer)
5. When the employer pays the employee in 2016 for the vacation earned in 2015, what
account will the company debit?
• Cash
• Vacation Expense
• Vacation Payable (Answer)
6. Which principle or guideline allows a company to ignore the change in the purchasing
power of the dollar over time?
• Cost
• Economic Entity
• Monetary Unit (Answer)
7. Which principle/guideline justifies a company violating an accounting principle
because the amounts are immaterial?
• Conservatism
• Full Disclosure
• Materiality (Answer)
8. Public utilities’ balance sheets list the plant assets before the current assets. This is
acceptable under which accounting principle/guideline?
• Conservatism
• Cost
• Industry Practices (Answer)
Accounting Exam Questions List
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