Accounting Quiz-01 (Mixed) - Everything about Accounting

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Rules

Quiz Type	Total MCQ	Total Time
MCQ	25	10 Minutes

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Accounting Quiz-01

Ready to test your accounting knowledge? Take this quick quiz and see how you score!

1 / 25

Which of the following is not part of the accounting process?

Identification

Communication

Planning

Recording

2 / 25

Which of the following is not a branch of accounting?

Forensic Accounting

Auditing

Fiduciary Accounting

Economics

3 / 25

Accounting is an

Auditing System

Information System

Monitoring System

Planning System

4 / 25

Which one is a non-profit organization?

Amazon

Microsoft

Facebook

None of These

5 / 25

The left side of an account is called

Debit

Credit

Debit & Credit

Balance

6 / 25

Which of the following is not a component of the cash flow statement?

Operating Activities

Investing Activities

Financing Activities

Net Income

7 / 25

How can an organization make a profit?

Increasing Expenses

Increasing Assets

Increasing Liabilities

Decreasing Expenses

8 / 25

Which of the following events are recorded in an accounting book?

An employee is appointed to the monthly salary of $5,000.

An employee is terminated.

An order is placed to purchase goods.

Furniture is purchased on account.

9 / 25

Which of the following is an example of intangible asset?

Land

Prepaid Expenses

Inventory

10 / 25

Which of the following is not considered 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

11 / 25

Which of the following statements describes a company's financial position?

Income Statement

Cash flow Statement

Owner’s Equity Statement

Balance Sheet

12 / 25

Bookkeeping includes only

Processing of economic Events

Recording and Processing of economic events

Recording of economic events

All of These

13 / 25

Luca de Pacioli is a/an

Indian

Italian

American

German

14 / 25

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

Creditors

Government

External Auditors

Production Managers

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

Which of the following is true for net income?

Expenses exceed revenues

Revenues exceed expenses

Revenues exceed assets

Asset exceed liabilities

17 / 25

Which of the following statements is true for "credit"?

Increase both assets and revenues

Increase both revenues and liabilities

Decrease both expenses and liabilities

Decrease both revenues and assets

18 / 25

Which city was the first to begin using the double-entry bookkeeping system?

London

Rome

Venice

Madrid

19 / 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

20 / 25

Full-Form of “AAA”

American Audit Association

American Association of Accounting

American Accounting Authority

American Accounting Association

21 / 25

Modern accounting originated in

USA

England

Germany

Italy

22 / 25

According to cost principles, businesses should record their assets at

Market value

Historical value

Fair value

None of These

23 / 25

Which one is an example of an expense?

Commission Received

Sales

Stock

Wages

24 / 25

Which one is included in an income statement?

Revenue

Assets

Liabilities

Owner’s Equity

25 / 25

Which one is the correct accounting equation?

A=L+OE

OE=A+L

A=L+R

L=A+OE

Your score is

The average score is 62%

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Accounting Quiz (Mixed)

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