Accounting Short Questions and Answers
Concise exam-style questions with clear model answers, organised by topic from the basics to financial statements. Free, and ideal for quick revision.
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Short questions test whether you can state a definition, a rule or a step quickly and accurately, which is exactly what many exams ask for. Choose a topic below, work through the questions, and check your answers. Each topic links to the full lesson if you need to review it first.
Introduction to Accounting
What accounting is, who uses it and why it matters.
Practise the questionsRead the lessonTransaction
Business transactions, events and how they are classified.
Practise the questionsRead the lessonDouble Entry System
Debit, credit and the double entry principle.
Practise the questionsRead the lessonAccounting Principles
Principles, concepts and conventions behind accounting standards.
Practise the questionsRead the lessonAccounting Cycle
The sequence of steps from recording to closing the books.
Practise the questionsRead the lessonJournal
Recording transactions in the book of original entry.
Practise the questionsRead the lessonCash Book
Single column, two column and petty cash books.
Practise the questionsRead the lessonTrial Balance
Preparing a trial balance and understanding what it proves.
Practise the questionsRead the lessonBank Reconciliation Statement
Matching the cash book with the bank statement.
Practise the questionsRead the lessonRectification of Errors
Finding and correcting accounting errors.
Practise the questionsRead the lessonFinancial Statement
The income statement, balance sheet and who uses them.
Practise the questionsRead the lessonReceivables
Accounts receivable and how they are recognised and reported.
Practise the questionsRead the lessonsPlant Assets and Depreciation
Non-current assets and depreciation methods.
Practise the questionsRead the lessonHow to revise with short questions
- Cover the answer and write or say your own first.
- Check it against the model answer and mark the ones you missed.
- Review the lesson for any topic where you missed several.
- Retest yourself a day later, then take a quiz to see where you stand.
Test yourself next
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68 key terms with a review loop.
Cheat Sheets
Printable one-page summaries.
Accounting Glossary
68 terms explained with examples.
Frequently asked questions
What are short questions and answers in accounting?
They are concise questions, such as definitions, rules and short explanations, with brief model answers. They are widely used for exam revision.
Which topics are covered?
Fifteen topics, from the introduction to accounting and double entry through the journal, ledger, cash book, trial balance and bank reconciliation, to financial statements, receivables and depreciation.
How should I use them to prepare for an exam?
Attempt each question before reading the answer, note the ones you miss, review the matching lesson, and retest yourself a day later.
Are the questions and answers free?
Yes. They are free to read and use for study and teaching.
These questions are for general learning. Methods and terminology vary by syllabus and country, so follow your own course materials for exams.