Accounting Accounts Classification Quiz Form
Test your knowledge of accounting account classification with this 10-question quiz. Please select the most appropriate answers for each question.
Which of the following is classified as an asset account?
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Cash
Accounts Payable
Service Revenue
Owner's Capital
Select all accounts that are classified as liabilities:
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Accounts Payable
Notes Payable
Prepaid Insurance
Unearned Revenue
Salaries Expense
How would you classify 'Service Revenue'?
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Asset
Liability
Equity
Revenue
Which of the following accounts increase with a debit?
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Cash
Accounts Receivable
Service Revenue
Rent Expense
Classify the following accounts by selecting the correct type for each:
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Rows
Asset
Liability
Equity
Revenue
Expense
Accounts Receivable
1
2
3
4
5
Utilities Expense
6
7
8
9
10
Common Stock
11
12
13
14
15
Unearned Revenue
16
17
18
19
20
How confident are you in your ability to classify accounts correctly?
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1
2
3
4
5
Which account is NOT an expense?
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Rent Expense
Utilities Expense
Interest Expense
Accounts Payable
Select all equity accounts from the list below:
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Owner’s Capital
Common Stock
Accounts Receivable
Retained Earnings
Which of the following is classified as a revenue account?
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Service Revenue
Notes Payable
Prepaid Rent
Dividends
Briefly explain why proper classification of accounts is important in accounting.
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