FREE FBLA Accounting Trivia Questions and Answers

Question 1

Every time a petty cash fund is used by a business, the fund is deducted.

Accepted Answer

FALSE

Answer

TRUE

Question 2

An account's debit is always an increase.

Accepted Answer

FALSE

Answer

TRUE

Question 3

The asset account is credited by the bookkeeper when a company purchases equipment.

Accepted Answer

FALSE

Answer

TRUE

Question 4

The accountant needed to know the principle, interest rate, term, and interest on a promissory note in order to calculate the interest.

Accepted Answer

TRUE

Answer

FALSE

Question 5

A person or entity to which a check is payable is known as a payee.

Accepted Answer

TRUE

Answer

FALSE

Question 6

According to the Federal Tax Reform Law of today, having a social security number is only required for individuals who are older than two.

Accepted Answer

FALSE

Answer

TRUE

Question 7

A bonus is money given to an employee as a proportion of sales as opposed to a commission.

Accepted Answer

FALSE

Answer

TRUE

Question 8

There will be a reduction in the account when the accountant debits the withdrawals account.

Accepted Answer

FALSE

Answer

TRUE

Question 9

Using straight-line depreciation, a plant's cost is spread out evenly across its useful life.

Accepted Answer

TRUE

Answer

FALSE

Question 10

The fundamental accounting formula can be written as

Accepted Answer

Assets = Liabilities + Owner's Equity

Answer

A = OE - L

Answer

A + E

Answer

Assets + Liabilities = Owner's Equity