Accounting Quiz-01 (Mixed) - Everything about Accounting

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Rules

Quiz Type	Total MCQ	Total Time
MCQ	25	10 Minutes

Created on May 14, 2020 By

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Accounting Quiz-01 (Mixed)

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1 / 25

Which of the following is correct for “Credit”?

Increase both assets and revenues

Increase both revenues and liabilities

Decrease both expenses and liabilities

Decrease both revenues and assets

2 / 25

Which of the following statement identify the financial position of a company?

Income Statement

Cash flow Statement

Owner’s Equity Statement

Balance Sheet

3 / 25

Which of the following event is recorded in an accounting book?

An employee is appointed

An employee is terminated

An order is placed

Furniture is purchased on account

4 / 25

Which of the following is correct for Net Income?

Expenses exceed revenues

Revenues exceed expenses

Revenues exceed assets

Asset exceed liabilities

5 / 25

According to Cost principles, the business should record their assets at

Market Value

Historical Value

Fair Value

None of These

6 / 25

Bookkeeping includes only

Processing of economic Events

Recording and Processing of economic events

Recording of economic events

All of These

7 / 25

Which one presents in an Income Statement?

Revenue

Assets

Liabilities

Owner’s Equity

8 / 25

Which one is an example of Intangible Assets?

Land

Prepaid Expenses

Inventory

9 / 25

Which one is an example of an expense?

Commission Received

Sales

Stock

Wages

10 / 25

What is the effect on the accounting equation for this transaction? Paid to Creditors $ 300

Liabilities Increased and Asset Decreased

Asset Decreased and Owner’s Equity Increased

Asset Decreased and Liabilities Decreased

Liabilities Decreased and Owner’s Equity Decreased

11 / 25

Which one is a correct accounting Equation?

A=L+OE

OE=A+L

A=L+R

L=A+OE

12 / 25

Which one of the following is not a transaction?

Paid to Oyo International $3,000

Paid Salary $ 4,000

Appointed Mr. Neil as a manager for monthly Salary $5,000

Purchased Goods $ 2,000

13 / 25

Modern Accounting originated in

USA

England

Germany

Italy

14 / 25

Full-Form of “AAA”

American Audit Association

American Association of Accounting

American Accounting Authority

American Accounting Association

15 / 25

The main objective of accounting is

Planning of the organization

Monitoring of the activities

Identify the financial condition of an organization

None of these

16 / 25

The left side of Account Called

Debit

Credit

Debit & Credit

Balance

17 / 25

Double Entry bookkeeping system was first started in which city?

London

Rome

Venice

Madrid

18 / 25

Which one of the following is not included in the Branches of Accounting?

Forensic Accounting

Auditing

Fiduciary Accounting

Economics

19 / 25

Luca de Pacioli is a/an

Indian

Italian

American

German

20 / 25

Which of the following is not included in the Accounting Process?

Identification

Communication

Planning

Recording

21 / 25

Who are the internal users of accounting information in a business?

Creditors

Government

External Auditors

Production Managers

22 / 25

Accounting is an

Auditing System

Information System

Monitoring System

Planning System

23 / 25

How the profit of an organization can be achieved?

Increasing Expenses

Increasing Assets

Increasing Liabilities

Decreasing Expenses

24 / 25

How the profit of an organization can be achieved?

Increasing Expenses

Increasing Assets

Increasing Liabilities

Decreasing Expenses

25 / 25

Which one is a non-profit organization?

Amazon

Microsoft

Facebook

None of These

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The average score is 66%

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Accounting Quiz (Mixed)

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